2025 (4) TMI 1886

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....ed the following grounds of appeal: 1. The order of the learned CIT(A), National Faceless Appeal Centre (NFAC) issued under section 250 of the Income Tax Act, is erroneous on facts and law. 2. i) Thè Learned CIT(A) has grossly erred in law and on facts in passing the order in disregard of the statutory provisions contained under section 250(6) of the Act by dismissing the appeal of the appellant ex parte, violating the principles of natural justice. ii) The Learned CIT(A) erred on facts and in law in not deciding the appeal on merits by passing a speaking order and without affording adequate opportunity of being heard to the appellant considering the circumstances under which the appellant could not file it....

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....on in A. Y 2012-13 by the learned AO/CIT(A). 5. The Learned CIT(A) erred in confirming the order of the Ld. AO disallowing the loss on revaluation of tools amounting to Rs. 4,48,719/- stating that the same is in the nature of capital expenditure. The said loss is on account of permanent diminution in the value of the tools used for repair and maintenance and hence the diminution in the value of such toots is a business loss and therefore rightly claimed as revenue expenditure. 6. The Learned CIT(A) erred in confirming the order of the Ld. AO treating rental income amounting to Rs. 2,14,109/- as business income and subsequently disallowing an amount of Rs. 64,233/- claimed as deduction u/s 24(a) of the Act. 7. The ....

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....iii. Loss on revaluation of tools amounting to Rs. 4,48,719/- has been added back to the returned income. iv. Income from rental income has been treated as business income and deduction of Rs. 64,233/- claimed u/s 24(a) has been disallowed. v. Notional interest of Rs. 4,50,000/- on loan granted to Kerala State Coconut Development Corporation Limited has been treated as income of the assessee. vi. Additional depreciation of Rs. 35,622/- claimed on certain items of plant and machinery have been disallowed. The AO accordingly assessed on a total income of Rs. 11,76,31,612/- u/s. 143(3) of the Act for the Assessment year 2011-12 vide order dated 06.03.2014. 4. Aggrieved by the assessment completed u/s. 143(3) of....

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....support of grounds of appeal 5.1 The ld. CIT(A)/NFAC held that the assessee has been provided sufficient opportunities but assessee failed to submit any submission or evidence during the appellate proceedings in support of grounds of appeal as well as statement of facts and remained non-compliant. Therefore, in view of the above facts, the ld. CIT(A)/NFAC upheld the order of the AO, in absence of any supporting evidence, documents submitted by the assessee and treated the appeal of the assessee as disposed off for statistical purposes. 6. Aggrieved by the order of ld. CIT(A)/NFAC dated 24.04.2024, the assessee has filed the present appeal before this Tribunal. 7. Before us, the ld. AR of the assessee submitted that the action of th....