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TMI Blog2024 (10) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent : Shri R. Clement Ramesh Kumar, CIT ORDER PER JAGADISH, A.M : Aforesaid appeal filed by the assessee for Assessment Year (AY) 2018-19 arises out of the order of Learned Principal Commissioner of Income Tax, Madurai-1 [hereinafter "PCIT"] dated 30.03.2024 passed u/s. 263 of the Income-tax Act, 1961 (hereinafter "the Act"). 2. The only issue to adjudicate is whether Ld. PCIT has jurisd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 14A of the Act. Meanwhile, the Ld. PCIT on 08.032024 has issued show-cause notice proposing revision u/s. 263 of the Act on the same issue to re-work the disallowance u/s. 14A of the Act based on the fair value of investment as reflected in the balance sheet of the company as per formula in Rule 8D(2). The assessee has objected to the proposal raising the ground that the very same subject matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is in appeal before the Ld. CIT(A). The Ld. PCIT has passed order u/s. 263 of the Act which is not permissible as per clause (4) of Explanation-1 to Section 263 of the Act. The Ld. A.R therefore, requested to quash the order as without jurisdiction. 5. The Ld. Departmental Representative (D.R), on the other hand, has relied on the order of Ld PCIT and argued that the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation of disallowance u/s. 14A of the Act as per Rule 8D of the Rules is subject matter of appeal before Ld. CIT(A) and the Ld CIT(A) appeal has all power to correct the computation as per Rule 8D . The Hon'ble Madras High Court in the case of Smt. Renuka Philip vs. ITO [2019] 409 ITR 567 (Mad.), has held that when larger issue is pending before the Commissioner of Appeal , the PCIT could not exe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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