SPARTEN GRANITO PVT. LTD,MORVI vs. PCIT RAJKOT-1, RAJKOT
In the result, the appeal of the assessee is allowed for statistical purposes
ITA 300/RJT/2024[2018-2019]Status: DisposedITAT Rajkot02 Jun 2025AY 2018-2019
Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं/.Ita No.300/Rjt/2024 Assessment Year: 2018-19 Sparten Granito P. Ltd. Pr.Commissioner Of बनाम S.No.277/ B/H. Siyaram Granito Incometax-1 Jetpur Road, Rangpar Vs. Rajkot. Morbi. Pan : Aaxcs 7650 J (अपीलाथ"/Appellant) : (""यथ"/Respondent) "नधा"रतीक"ओरसे/Assessee By : Shri S.N. Soparkar, Sr.Adv-Ar राज"वक"ओरसे/Revenue By : Shri Sanjay Punglia, Ld.Cit-Dr सुनवाईक"तार"ख /Date Of Hearing : 03/03/2025 घोषणाक"तार"ख /Date Of Pronouncement : 02/06/2025 Order Per Dr. A. L. Saini, Am: By Way Of This Appeal, The Assessee Has Challenged The Correctness Of The Order Dated 31.03.2024, Passed By The Learned Principal Commissioner Of Income-Tax (In Short “Ld Pcit”) Under Section 263 Of The Income-Tax Act, 1961 (Hereinafter Referred To As 'The Act'), For The Assessment Year 2018-19.Grievances Raised By The Assessee, Which, Being Interconnected, Will Be Taken Up Together, Are As Follows:
For Appellant: Shri S.N. Soparkar, Sr.Adv-ARFor Respondent: Shri Sanjay Punglia, ld.CIT-DR
Section 143(3)Section 263
dividend is visible in these cases. In such scenario, no prudent investor would like to stack such huge amount of money in shares of the assessee- company, where no return on investment, appeared forthcoming. It was also observed that the assessee had not furnished balance sheet of most of subscribers/lenders in order to gauge the credit-worthiness of such subscribers
