2026 (7) TMI 1590

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....a, CIT ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order dated 08.01.2026 passed by the ld. Commissioner of Income Tax (Appeal), Chennai-16 for the assessment year 2017-18. 2. At the outset, it was argued by the ld. AR, Mr. D. Anand, Advocate, that the order of the ld. PCIT under section 263 is not maintainable in holding ....

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....er section 57 of the Act as per the order dated 22.08.2024 passed by the ld. CIT(A) in the quantum appeal. He vehemently argued that since the assessee is eligible to claim expenses on account of premium paid, which clearly shows the merger of the penalty order in the quantum appeal, the ld. PCIT has no jurisdiction to hold that the penalty order dated 08.12.2023 is erroneous and prejudicial to th....

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.... the penalty proceedings as well as the assessment proceedings are independent of each other. The ld. PCIT rightly exercised his jurisdiction under section 263 of the Act in treating the penalty order as erroneous and prejudicial to the interest of the Revenue. 4. Heard both the parties and perused the relevant records. On perusal of the quantum appeal order dated 22.08.2024, which is at page N....