TaxTMI 
TaxTMI 
2021 (6) TMI 885
X X X X Extracts X X X X
X X X X Extracts X X X X
....er passed U/s. 263 by the incharge CIT-IV, Hyderabad directing the Income Tax Officer to disallow the said sum of Rs. 15,35,821/- as not eligible for deduction and thus directing the officer to revise the assessment order is quite illegal, contrary to law and liable to be set aside. The CIT misconstrued the contentions raised by the petitioner, who borrowed the finance from various banks and financial institutions including the chit fund for the purpose of carrying out the proprietary business which is under the name of M/s. Premier Fabs and in the partnership firm M/s. Premier Agencies and thus incurred interest towards the said borrowings was entitled to claim deduction under the income from M/s. Premier Fabs. The above said expenditure i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....petitioner craves leave of the Hon'ble Tribunal to permit the petitioner to add, alter or amend the grounds of appeal during pendency of the same." 3. Brief facts of the case are that the assessee has filed his return of income for the AY 2009-10 declaring total income of Rs. 21,67,983/-. The assessee's case was taken up for scrutiny and thereafter the assessment was completed U/s. 143(3) of the Act on 9/5/2011. Subsequently, the Ld. CIT-IV, Hyderabad invoking the provisions of section 263 of the Act, passed order on 31/1/2014 and set-aside the order of the Ld. AO with direction to re-do the assessment. Thereafter, before the Ld. AO the assessee did not appear during the consequential proceedings and the Ld. AO completed the assess....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... materials available on record. Hence, it was pleaded that the orders passed by the Ld. Revenue Authorities do not call for any interference. 5. We have heard the rival submissions and carefully perused the materials on record. On examining the facts of the case, We find merit in the submissions of the Ld. AR. As submitted by the Ld. AR before, it appears from the record that during the relevant period when the Ld. AO had taken up the second round of proceedings based on the orders of the Ld. CIT-IV, Hyderabad passed U/s. 263 of the Act, the assessee was not in a position to appear before the Ld. Revenue Authorities because of his sever ill-health and demise of his wife. Moreover, considering the issues involved in the appeal as well as th....