2010 (12) TMI 1204 - AT - Income Tax

Summary

Issues involved: Appeal against orders u/s 263 of the Income-tax Act for assessment years 2001-02 and 2002-03.

Summary:
The Appellate Tribunal ITAT Chennai adjudicated on appeals by the assessee against orders u/s 263 of the Income-tax Act for the assessment years 2001-02 and 2002-03. The Tribunal observed a mistake in not considering a specific ground raised by the assessee regarding the power of the ld. CIT to consider a matter already decided by the ld. CIT(A). The Tribunal recalled its order for adjudicating on the ground raised by the assessee related to the addition made in the original assessment. The assessee contended that the issue was already decided in their favor by the ld. CIT(A) and should not have been considered u/s 263. The Department argued that the assessee was not entitled to the claim under the relevant section. The Tribunal found that the issue required consideration by the Assessing Officer for computation of deduction as decided by the ld. CIT(A) and the ld. CIT u/s 263. The issue was restored to the Assessing Officer for fresh consideration separately for both assessment years. The appeals by the assessee were considered allowed for statistical purposes.

The judgment was pronounced on 16th December, 2010.