https://www.taxtmi.com/caselaws?id=402495 The ITAT Chennai held that the PCIT's revision of the assessment order under Section 263 was not justified as the issue regarding disallowance of expenditure under Section 14A was already subject to appeal proceedings before the ITAT. The ITAT emphasized that once an issue is considered by the appellate authority, the PCIT cannot exercise parallel jurisdiction on the same issue. The decision was based on statutory provisions and relevant case law, ultimately leading to the quashing of the PCIT's order and the restoration of the AO's assessment order. en-us Mon, 28 Dec 2020 00:00:00 +0530 Mon, 04 Jan 2021 12:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402495 The ITAT Chennai held that the PCIT's revision of the assessment order under Section 263 was not justified as the issue regarding disallowance of expenditure under Section 14A was already subject to appeal proceedings before the ITAT. The ITAT emphasized that once an issue is considered by the appellate authority, the PCIT cannot exercise parallel jurisdiction on the same issue. The decision was based on statutory provisions and relevant case law, ultimately leading to the quashing of the PCIT's order and the restoration of the AO's assessment order. Case-Laws Income Tax Mon, 28 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402495