Prepare three shallow bowls: one with the panko bread crumbs, garlic powder, and 1 cup of Parmesan cheese mixed together; another with flour; and a third with beaten eggs and 1 tablespoon of water.
Pat the chicken cutlets dry with paper towels and season them with salt and pepper. Dredge each cutlet in flour, shaking off any excess, then dip into the egg mixture, and finally coat with the panko-Parmesan mixture, pressing gently to ensure the coating adheres well.
In a small bowl, mix together the shredded mozzarella and the remaining 1 cup of Parmesan cheese.
Preheat your broiler. In a large, heavy-bottomed pot, heat the vegetable or canola oil over medium heat until it reaches 350°F, as measured by a deep-fry or instant-read thermometer. If the oil smokes slightly, that's acceptable. Prepare a baking sheet by placing a wire rack on top.
Fry the chicken cutlets one at a time. Place a cutlet in the hot oil and cook until one side is golden brown, about 1 minute. Flip the cutlet and continue frying until the other side is golden brown and the frying sound becomes louder, indicating moisture evaporation, approximately another minute. Transfer the fried cutlet to the prepared wire rack. Repeat with the remaining cutlets. Spoon some marinara sauce over each piece of chicken and sprinkle with the mozzarella-Parmesan mixture.
Broil the chicken until the cheese is melted and brown spots appear, keeping a close watch, for about 2 minutes.
Serve the chicken Parmesan by placing the cutlets on plates, topping with chopped fresh basil, and providing the remaining marinara sauce on the side.