CIT(A) cannot exercise enhancement power on issue not dealt by AO

Edelweiss Asset Management Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that CIT(A) cannot exercise the power to enhance u/s. 251(1) where AO has not dealt with the issue and has not applied his mind on the taxability or non-taxability of a specific matter. Accordingly, exercise such power by CIT(A) will be beyond his jurisdiction. Facts- The assessee is a limited company engaged in the business of investment managing services to mutual funds. The assessee for the AY 2017-18 filed the return of income declaring a loss of Rs. 8,64,09,139/- under the normal provisions of the Income Tax and a loss...