Tribunal decision upheld, appeal dismissed for lack of merit.

The High Court upheld the Tribunal's decision to remit the matter back to the CIT(E) for further consideration, deeming the appeal devoid of merit and dismissing it accordingly.

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Issues:
Challenge to Tribunal's order remitting the matter for reconsideration.

Analysis:
The appellant challenged the Tribunal's decision remitting the matter for reconsideration. The substantial question of law framed by the appellant questioned the Tribunal's action of restoring the matter to the file of CIT(E) for giving further time to convert shares into specified assets, contrary to the provisions of the IT Act. The Tribunal observed that the assessee had filed details regarding the shares and donation, arguing that only income from non-specified investments should be taxed. The Tribunal referred to previous judgments to support its decision, emphasizing that the assessee had not made investments as required by law. The Tribunal considered the harshness of withdrawing exemption and decided to give the assessee a last opportunity to convert shares into specified assets within a specified period while withdrawing exemption for income from non-specified assets. Ultimately, the Tribunal decided to restore the issue to the file of CIT(E) for reconsideration.

The High Court saw no reason to interfere with the Tribunal's decision. The appeal was deemed devoid of merit and dismissed accordingly. The High Court upheld the Tribunal's decision to remit the matter back to the CIT(E) for further consideration.

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