M/S AADHI ENTERPRISES PRIVATE LIMITED,CHENNAI vs. ACIT, CENTRAL CIRCLE-3(1), CHENNAI
In the result, the appeal filed by the assessee is allowed
ITA 308/CHNY/2023[2016-17]Status: DisposedITAT Chennai23 Aug 2023AY 2016-17
Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.: 308/Chny/2023 िनधा"रण वष"/Assessment Year: 2016-17 Aadhi Enterprises Pvt. Ltd., The Acit, No.1-130, Perambur Barracks V. Central Circle-3(1), Road, Pattalam, Chennai. Chennai – 600 112. Pan: Aanca 0382P (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri B. Ramakrishnan, Fca Shri S. Neelakantan, Fca Shri Shrenik Chordia, Ca ""यथ" क" ओर से/Respondent By : Shri S. Senthil Kumaran, Cit सुनवाई क" तारीख/Date Of Hearing : 11.07.2023 घोषणा क" तारीख/Date Of Pronouncement : 23.08.2023
For Appellant: Shri B. Ramakrishnan, FCAFor Respondent: Shri S. Senthil Kumaran, CIT
Section 132Section 139(1)Section 143(2)Section 153ASection 68
bogus FDI and hence, in this assessment year, the AO added an amount of Rs.278,32,93,118/- as unexplained cash credit being source of funds utilized for purchase of land u/s.68 of the Act. For this, the AO concluded as under:-
“19. From the above, it is evident that the M/s. Chennai Properties and Investment Limited had no business
