ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. PRUDENTIAL SUGAR CORPORATION LIMITED, CHITOOR
ITA 2298/CHNY/2024[2018-19]Status: DisposedITAT Chennai17 Jul 2025AY 2018-19
Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:2298/Chny/2024 िनधा"रण वष" / Assessment Year: 2018-19 The Assistant Commissioner Of Prudential Sugar Corporation Income Tax, Vs. Limited, Ltu, Circle -1, Prudential Nagar, Chennai. Koppedu Post, Nindra, Mandal – 517 587. [Pan:Aaacp-4338-D] (अपीलाथ"/Appellant) (""थ"/Respondent)
For Appellant: Ms. E. Pavuna Sundari, C.I.TFor Respondent: Shri. D. Anand, Advocate
Section 50Section 50B
1. The net worth of the company as on 31.03.2014 (just before purchase of shares by the assessee) stood at Rs.6,82,841/- in negative.
From the above observations, it appears that Financial statements does not show any genuine business activity conducted by this company.
8. Further, the AO observed that the slump sale of the undertaking took place