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CIT cannot revise assessment for issues already examined by AO
Case Law Details
- Case Name
- M/s. Rachana Finance & Investments Pvt. Ltd. Vs CIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-05
- Courts
- All ITAT, ITAT Mumbai
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CIT cannot revise assessment to make afresh examination of issues already examined by AO
Brief of the case:
ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised.
Facts of case:
CIT passed an order u/s 263 setting aside the assessment directing AO to make fresh assessment for AY 2004-05. CIT noted that the assessee has invested an amount of Rs.25 lakhs by way of share application and share ...
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