Section 263 Revision Sustained as AO not examined Seized Documents

Saravana Global Holdings Ltd Vs DCIT (ITAT Chennai) ITAT Chennai held that assessment order passed without examining the seized documents is prejudicial to the interest of revenue and hence the revisionary order passed under section 263 of the Income Tax Act duly sustainable. Facts- The assessee is an infrastructure and real estate company and forms part of the Challani group. Post search and seizure action on the premises of Indo Asian Finance Ltd., belonging to Challani Group, assessment was framed u/s.153C r.w.s.153A of the Act vide order dated 31.03.2015. Subsequently, the PCIT on examinat...