Pending appeal no bar for Section 263 action on unrelated issues: ITAT Pune

Yashwantrao Chavan Maharashtra Open University Vs CIT (ITAT Pune) Pending appeal no bar for 263 action on unrelated issues – CIT can revise u/s 263 even if appeal pending – Mercantile System means accrued interest taxable Assessee, a university functioning as a local authority &  engaged in providing education facilities, filed its return declaring nil income after claiming exemption u/s 11. During scrutiny, it admitted a clerical error in Form 9A-reporting ₹42.12 crore instead of ₹15.44 crore as accrued interest income.  AO, after considering submissions, excluded the accr...