UNITED INDIA INSURANCE CO LIMITED,CHENNAI vs. PCIT-3, CHENNAI

ITA 182/CHNY/2021Status: DisposedITAT Chennai05 January 2026AY 2015-16Bench: Shri S.S. Viswanethra Ravi (Judicial Member), Shri Jagadish (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT's revision order was not justified as the assessee had consistently claimed and been allowed similar deductions in prior years. The corrigendum was quashed as it was issued beyond the statutory limitation period and introduced a new issue not addressed in the original revision order.

What were the facts?

The assessee claimed profit on sale of investments as exempt under section 10(38). The Principal Commissioner of Income Tax (PCIT) invoked revisionary powers under section 263, holding the assessment order erroneous and prejudicial to revenue. The PCIT also issued a corrigendum to his revision order beyond the prescribed time limit.

What were the issues?

Whether the PCIT was justified in revising the assessment order under section 263 when similar deductions were allowed in prior years, and whether a corrigendum issued beyond the limitation period is valid.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 263,Section 143(3)

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Before: Shri S.S. Viswanethra Ravi & Shri Jagadish

Hearing: 07.10.2025Pronounced: 05.01.2026

PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER:

The appeal in ITA No. 1759/Chny/2019 filed by the assessee is directed against the order dated 29.03.2019 passed by the ld. Principal Commissioner of Income Tax-3, Chennai for the assessment year 201

The order continues below.

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