Assessee’s case was selected for limited scrutiny.  Assessment was completed under section 143(3).  Principal Commissioner invoked revisionary proceedings on ground that assessee issued optionally convertible cumulative preference shares at a premium to director of its company and said premium was to be brought to tax under section 56(2)(viib) or section 68 of the Act and the assessment was set aside. On  the assessee contended that assessment order could not be said to erroneous as return was selected for limited scrutiny and Assessing Officer was right by confining to limited aspects as per CBDT Circulars Nos. 7/2014, dated 26-9-2014, 20/2015, dated 29-12-2012 and 5/2016, dated 14-7-2016. Tribunal upheld revisionary order on ground that even in case of limited scrutiny assessment, Assessing Officer was duty-bound to make prima facie inquiry as to whether there was any other items that required examination. On appeal the Court held that Circulars would not be applicable vis-a-vis power under section 263.Commissioner had supervisory jurisdiction to find out omission in assessment order and since issue was not examined by Assessing Officer, discretion exercised by Commissioner under section 263 could not be restricted vis-a-vis limited scrutiny under CASS,  however, Tribunal’s order needed to be re-examined as Tribunal either had substituted or expanded reasoning of Commissioner, thus, matter was to be remitted to Tribunal for reconsideration afresh.  (AY. 2014-15)