PCIT Cannot Invoke Revision on Matter Pending Before CIT(A): ITAT Delhi

Advertisement Corporate International Financial Services Ltd Vs PCIT (central) (ITAT Delhi) In a significant ruling pronounced on June 27, 2025, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, has quashed multiple revisionary orders issued by the Principal Commissioner of Income Tax (PCIT) against Corporate International Financial Services Ltd. The ITAT’s decision, covering Assessment Years 2013-14 to 2019-20, establishes that the PCIT cannot invoke revisional jurisdiction under Section 263 of the Income Tax Act, 1961, to disallow interest on loans when the primary issue of the...