CIT cannot revise assessment for issues already examined by AO

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 premium in share ...