Non-examination of issue by AO does not per se make assmt order prejudicial to interests of revenue for S. 263 revision

Court: INCOME TAX APPELLATE TRIBUNAL, DELHI Citation: The Institute of Chartered Accountants of India Vs. Director of Income Tax ITA No. 1853/Del/2010 Assessment Year: 2005- 06 Brief:- The assessee, a statutory body established under the Chartered Accountants Act 1949 for regulating the profession of Chartered Accountants, obtained exemption u/s 10(23C)(iv) pursuant to a notification issued by the CBDT. The notification provided that the exemption would not apply to profits and gains of business unless the business was incidental to the attainment of the objectives of the assessee and separate...