No. It means that you overruled my ruling, and your ruling takes precedence and stands.
The chair remains to rule again, if he wishes to. The chair may find that having been overruled is something the chair doesn't like and he might not want to sit again. It's possible for the chair to be overruled by the committee, and then the committee stands and the chair will go on to the next battle. Hopefully the reasoning will be such that he will be upheld more often than not.