Section 263 Revision Invalid as AO Had Already Examined Key Issues: ITAT Visakhapatnam

Lakshmi Ganapathi Seva Samithi Vs CIT (ITAT Visakhapatnam) The Income Tax Appellate Tribunal (ITAT), Visakhapatnam, partly allowed eight appeals filed by two assessees against revisionary orders passed by the Commissioner of Income Tax (CIT) under Section 263 of the Income-tax Act, 1961 for Assessment Years 2007-08 to 2010-11. The Tribunal held that the Commissioner could not invoke Section 263 on issues that had already been examined by the Assessing Officer (AO) during the reassessment proceedings, except in relation to the computation of income from house property, where the AO had failed t...