2019 (11) TMI 1712

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....e. For the Revenue : Ms. Neera Malhotra, CIT, DR. ORDER PER SMT BEENA PILLAI, JUDICIAL MEMBER: Present appeal has been filed by assessee against order dated 26/12/18 passed by Ld. CIT, Bangalore-4, under section 263 of the Act for assessment year 2014-15 on following grounds of appeal: 1. The order of the Pr..CIT is contrary to law, facts, evidences on record and is not mainta....

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.... pleased to allow this appeal in the interest of equity and justice. 2. Brief facts of the case are as under: Assessee filed its return of income for assessment year under consideration on 31/03/15 declaring current loss of Rs. 431,08,73,830/-. The assessment was completed under section 143(3) of the Act vide order dated 26/12/16 wherein, addition of Rs. 7,25,42,337/- was made. 2.1 Subseq....

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....addition during year being Rs. 4,72,34,673/- has been capitalised and reflected in fixed assets. 3.1 Ld. CIT DR, on the contrary, placing reliance upon decision of Hon'ble Supreme Court in case of Malabar industrial Co Ltd vs CIT reported in (2000) 243 ITR 83 as well as Hon'ble Supreme Court in case of CIT vs Amitabh Bachchan reported in 384 ITR 200. She submitted that reason for revision of as....