2018 (8) TMI 2024

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....see : Sri Nikhil Kanodia, AR ORDER PER INTURI RAMA RAO, A.M.: This appeal filed by the revenue is directed against the order dated 15.11.2016 of CIT (A)-8, Hyderabad for the A.Y. 2013-14. Revenue raised the following grounds of appeal: - "1. Ld. CIT(A) erred on both facts and law of the case. 2. Ld. CIT(A) ought to have considered that any investment which is yielding or....

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....Non-Banking Financial Companies (NBFCs). The return of income for the A.Y. 2013-14 was filed on 28.09.2013 declaring a total loss of Rs. 13,02,78,792/-. Against the said return of income, the assessment was completed by the Assessing Officer vide order dated 16.12.2015 passed u/s 143(3) of the Act at a total income of Rs. 2,59,44,793/-. While doing so, Assessing Officer made disallowance of Rs. 2,....

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....dated 11.02.2014. 5. On the other hand, Learned AR placed reliance on the order of the coordinate Bench of the Tribunal in the case of M/s. Renaissance Holdings & Developers Pvt Ltd., (ITA No.848/Bang/2018, dt 06.07.2018) which is relevant for the proposition that the amount of disallowance cannot exceed exempt income. He further submitted that for the purpose of computing the average value of ....