PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai’s decision in Kathiravan Ananthalakshmi vs. ACIT marks a significant clarification on the jurisdictional bounds of the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961. This case brings to the forefront the legal intricacies involved when revision orders are issued by the PCIT, especially concerning the declaration of agricultural income and the subsequent application of higher tax rates under Section 115BBE. This article delves into the background, a...