PRIME SUITINGS PRIVATE LIMITED,BHILWARA vs. ITO, WARD-4, BHILWARA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Pavan Kumar Gadale & Dr. Dipak P. Ripoteassessment Year : 2015-16 M/S Prime Suitings Pvt. Ltd., D- Income Tax Officer, 5-6, Bhilwara Textile Market, Vs Ward-4, Bhilwara Pur Road, Bhilwara Pan: Aaacp8447P Appellant / Assessee Respondent / Revenue Assessee By None Revenue By Ms. Prerana Choudhary-Jcit-Dr Date Of Hearing 17.08.2023 Date Of Pronouncement 17.08.2023 Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld. Commissioner Of Income Tax (Appeals), Ajmer Dated 06Th June, 2018 Emanating From Assessment Order Under Section 143(3) Passed By Ito, Ward-4, Bhilwara On 30.11.2017. The Assessee Has Raised The Following Grounds Of Appeal:-

Section 14A read with Rule SD of the Income Tax Act 1961 without appreciating the fact that the assessee company has not earned any exempt income during the year under consideration and has not brought out any evidences on record which substantiates that it has incurred any expenditure for earning any exempt income. 2. Penalty U/s 271