https://www.taxtmi.com/caselaws?id=759647 ITAT Chennai held that only Principal Chief Commissioner, Chief Commissioner, or Commissioner having jurisdiction over transfer pricing matters can exercise revisionary powers under Section 263 against Transfer Pricing Officer orders, effective from April 1, 2022. The tribunal quashed the revision order passed by PCIT Madurai-1, ruling it was passed without valid jurisdiction as the PCIT lacked authority over the TPO. The assessment order under Section 143(3) read with Section 144B was found to have no deficiencies warranting revision, making the revisionary action unjustified and void ab initio. en-us Mon, 30 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759647 ITAT Chennai held that only Principal Chief Commissioner, Chief Commissioner, or Commissioner having jurisdiction over transfer pricing matters can exercise revisionary powers under Section 263 against Transfer Pricing Officer orders, effective from April 1, 2022. The tribunal quashed the revision order passed by PCIT Madurai-1, ruling it was passed without valid jurisdiction as the PCIT lacked authority over the TPO. The assessment order under Section 143(3) read with Section 144B was found to have no deficiencies warranting revision, making the revisionary action unjustified and void ab initio. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759647