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
Section 90 of the Act and relevant DTAA provisions.";
Concludes that assessee had satisfied all the ingredients of Sec. 68, remarks that merely because the investor had not filed its income tax returns, it does not make the entire transactions bogus or the said investor non-existent. ";
Rejects CIT(A)'s action in upholding addition for assessee's failure
