CHOUDHURY & CHOUDHURY INDIA LTD. ( NOW KNOWN AS AYG REALTY P. LTD.),MUMBAI vs. CIT (APPEAL)-22, MUMBAI

In the result there is no cause of grievance made out by the assessee on which this tribunal can adjudicate hence, challenging the initiation itself is not allowed hence, found to be infructuous

Bench: Shri Kuldip Singh & Shri Gagan Goyaldy.Cit-14(1)(1), Room No. 432, 4Th Floor, Aayakar Bhavan, Churchgate, Mumbai-400020. ..... Appellant Vs. M/S Ayg Realty Ltd., No. 1, Rajkamal, Cst Road, Kalina, Mumbai-400098. Pan: Aaacc4637J ...... Respondent Choudhury & Choudhury India Ltd. (Now Known As Ayg Realty Pvt. Ltd.), No. 1, Rajkamal, Cst Road, Kalina, Mumbai-400098. Pan: Aaacc4637J ...... Appellant Vs. The Cit (Appeals)-22, Room No. 513, 5Th Floor, Earnest House, Nariman Point, Mumbai-400021. ..... Respondent Assessee By : Sh. Firoz Andhyarujina & Sh. Manek Andhyarujina Revenue By : Sh. Mehul Jain, Sr. Dr Date Of Hearing : 26/05/2022 Date Of Pronouncement : 28/07/2022

bogus bills. In view of all these facts, the addition made by the AO amounting to Rs.1,12,41,367/- being 20% of outstanding balance of sundry creditors for material purchased and Rs.3,02,46,494/- being 20% of outstanding balance of Sundry Creditors for Expenditure cannot be sustained and the entire addition of Rs.4,14,87,861/- done

MITA HOLDINGS PVT. LTD.,MUMBAI vs. ADDLL. CIT - CC - 3, MUMBAI

In the result, appeal of the assessee is allowed

purchases. For the years relevant to A Ys 2007-08, 2009-10 and 2010- 11, the said lender offered undisclosed income of Rs. 55.73 lakhs in response to notices issued u/s 1534. Since, there was no compliance in course of the search related assessment proceedings, the AO adopted a profit margin of 2.19% as disclosed in the case