2018 (10) TMI 184

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..../s. 271(1)(c) of the Income Tax Act, 1961 (In Short "Act"). 2. The brief facts of the case are that assessment in this case was completed u/s. 143(3) of the Act on 02.12.2009 at loss of (-) Rs. 2,83,53,758/- as against returned loss of (-) Rs. 10,02,63,570/- after making additions of Rs. 7,16,79,068/- on account of depreciation; Rs. 86,224/- on account of internal audit and tax audit fees and Rs. 1,44,510/- on account of licence fee / rent free accommodation to employee. Against the additions the assessee preferred appeal before the Ld. CIT(A) who vide his order dated 28.1.2011 confirmed the addition of Rs. 7,16,79,068/- on account of depreciation and Rs. 86,224/- on account of internal audit and tax audit fees and deleted the addition o....

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....matter in dispute, nor filed any application for adjournment. Keeping in view the facts and circumstances of the present case and the issue involved in the present Appeal, we are of the view that no useful purpose would be served to issue notice again and again to the assessee, therefore, we are deciding the present appeal exparte qua assessee, after hearing the Ld. DR and perusing the records available. 6. Ld. DR strongly relied upon the orders of the authorities below. 7. On careful consideration of the matter, we find that assessment was completed at loss of Rs. 2,83,53,768/- against the returned loss of Rs. 10,02,63,570/- by disallowing the depreciation to the tune of Rs. 7,16,79,068/- on account of excessive depreciation and Rs. ....