Assessment Order Lacking Proper Examination of Evidence Prejudicial to interest of Revenue

Balaji Builders Vs ACIT (ITAT Chennai) Introduction: The case of Balaji Builders vs. ACIT, as adjudicated by the Income Tax Appellate Tribunal (ITAT) Chennai, revolves around the validity of a revisionary jurisdiction exercised by the Principal Commissioner of Income Tax against an assessment order. The key contention is whether the assessment order, which was framed under Section 143(3) of the Income Tax Act, was erroneous and prejudicial to the interest of the Revenue. Detailed Analysis: 1. Background of the Case: The appellant, Balaji Builders, challenged the revisionary jurisdiction exerci...