2021 (11) TMI 501

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.... D.R. ORDER PER B. R. BASKARAN , ACCOUNTANT MEMBER The assessee has filed this appeal challenging the revision order dated 17.3.2015 passed by Ld. CIT(Exemptions) u/s. 263 of the Income-tax Act, 1961 ['the Act' for short] for the assessment year 2010-11. 2. The appeal is barred by limitation by 396 days. The assessee has filed an affidavit requesting the bench to condone the de....

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....d return of income for the year under consideration on 27.9.2010 declaring Nil income after claiming exemption u/s. 11 of the Act. The assessment was completed by the A.O. u/s. 143(3) of the Act on 24.1.2013. Subsequently, the Ld. CIT (Exemptions) examined the assessment record and took the view that the assessment order passed by the A.O. is erroneous and prejudicial to the interest of the revenu....

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....he impugned order holding that the assessment order is erroneous and prejudicial to the interest of the revenue. Accordingly, he directed the A.O. to recompute the income for assessment year 2010-11 disallowing the claim of depreciation and also repayment of loan. Aggrieved, the assessee has filed this appeal before us. 4. We heard the parties and perused the record. The issue relating to depre....

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....he view taken by Ld. CIT(A) is contrary to the binding decision rendered by Hon'ble Supreme Court, his view on this issue cannot be sustained. Accordingly, we set aside his order on this issue. 5. The next issue relates to the question whether "repayment of loan" is application of income or not. We noticed that the Ld. CIT (Exemptions) has taken the view that if the asset acquired out of lo....