Revisionary power u/s. 263 can be exercised on matters never raised by AO during assessment

IN THE ITAT HYDERABAD BENCH ‘B’ Mahalakshmi Liquor Promoters (P.)Ltd. Versus Commissioner of Income-tax IT APPEAL NO. 930 (HYD.) OF 2012 [ASSESSMENT YEAR 2007- 08] OCTOBER 19, 2012 ORDER Chandra Poojari, Accountant Member – This appeal by the assessee is directed against the order of the CIT dated 26.3.2012. 2. At the outset, we have noticed that there was a delay of 7 days in filing this appeal for which the assessee filed a petition explaining reasons for delay and we are satisfied with the explanation given by the assessee for such delay of 7 days. The del...