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2017 (1) TMI 668 - AT - Income TaxRevision u/s 263 - Exemption u/s 11 - Held that:- The coordinate bench of this Tribunal while considering the appeal of assessee for AY 2009-10 examined the issue of exemption u/s 11 which may be the subject matter of appeal before CIT(A) or before the Tribunal. and concluded the Ld. DIT do not have the power to consider ‘such matter’ by exercising power under section 263. The Tribunal also examined the second aspect, which is purely academic. The income which was assessed in the original assessment order and the income which is now being sought to be assessed by virtue of order u/s 263. Under both the assessments the surplus amount would be taxed. Hence, no prejudice is caused to the revenue so far as tax effect is concerned, except for the fact that section 11 is being sought to be examined from a different perspective. Thus the ground of appeal raised in the present appeal is squarely covered in favour of assessee. By following the order of Tribunal we hold that the order revised by ld DIT(E) is not prejudicial to the interest of revenue and the same is set-aside by accepting the appeal of the assessee.
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