Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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The ITAT held that a CIT(A) cannot direct the Assessing Officer to re-examine a claim under section 10(23C)(iv) where the assessment record shows that the provision was already considered during the assessment proceedings. The Tribunal found the appellate direction unnecessary and unsupported by the record, especially since the issue had been examined in the section 143(3) assessment and no fresh basis existed for reopening the matter through appellate directions. It therefore set aside and quashed the order passed under section 250 and allowed the assessee's challenge to that direction.
The ITAT held that a CIT(A) cannot direct the Assessing Officer to re-examine a claim under section 10(23C)(iv) where the assessment record shows that the provision was already considered during the assessment proceedings. The Tribunal found the appellate direction unnecessary and unsupported by the record, especially since the issue had been examined in the section 143(3) assessment and no fresh basis existed for reopening the matter through appellate directions. It therefore set aside and quashed the order passed under section 250 and allowed the assessee's challenge to that direction.
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