2019 (1) TMI 991

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....come Tax Act, 1961 (in short 'the Act') filed its return of income for Assessment Year 2010-11 declaring NIL income. The case was taken up for scrutiny for this year and the assessment was completed u/s 143(3) of the Act vide order dated 20.03.2013. Subsequently, the CIT, Davangere passed an order u/s 263 of the Act setting aside the order of assessment dated 20.03.2013 as being erroneous and prejudicial to the interests of Revenue. The resultant order of assessment for Assessment Year 2010-11 was passed u/s 143(3) r.w.s. 263 of the Act vide order dated 16.03.2015; wherein the assesseee's income was determined at Rs. 5,54,320/- in view of the following disallowances: (i) Disallowance of Depreciation - Rs. 10,04,041/- (ii) Disallowance o....

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....llant under the facts and in the circumstances of the appellant's case. 5. The learned CIT[A] is not justified in approving the computation made by the learned A.O. who excluded the loans raised by the appellant from the extent of application made under the facts and in the circumstances of the appellant's case. 6. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs. 4. Ground Nos. 1 and 6, being general in nature and not urged before us, are rendered infructuous and according....