ITAT Cancels Section 263 Revision as Issue Was Already Pending Before CIT(A)

Vanavil Estate Vs PCIT (Central) (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, allowed the assessee’s appeals for Assessment Years 2017-18 and 2018-19 and set aside the revisionary orders passed by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of the Income Tax Act. The Tribunal held that the Pr. CIT was not justified in invoking revisionary jurisdiction in relation to issues that were already pending consideration before the Commissioner of Income Tax (Appeals) [CIT(A)], and further found that the Assessing Officer (AO) had adopted a legally pe...