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2019 (3) TMI 556 - ITAT HYDERABADRevision u/s 263 - AO having recorded that the investments made by India Cements Ltd., are not in the nature of capital investment but are the payments made for certain benefits, has erred in not bringing the full amount to tax on receipt basis - HELD THAT:- Tribunal has directed the Assessing Officer to examine the acceptability of the share capital as well as share premium as ‘Income of assessee’. The order of CIT u/s. 263 is also to this effect only. On a query by us, both the parties submitted that the AO has already passed the order consequent to the CIT’s directions u/s. 263 and therefore the issue is no longer open before the AO and that the appeal against the same is pending before the CIT(A). Since the directions of the Tribunal to the Assessing Officer are on similar lines as given by the CIT u/s. 263 of the Act, we confirm the order of CIT and direct the CIT(A), before whom the appeal against the consequential order is pending, to examine the issue in line with our directions in assessee’s appeal for the AY. 2009-10 against the regular assessment made u/s. 143(3) of the Act. In view of the same, the appeal of assessee is dismissed.
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