Debugging is considered as a rigorous but important feature of software engineering process. Since more than a decade, the software engineering research community is exploring different techniques for removal of faults from programs but it is quite difficult to overcome all the faults of software programs. Thus, it is still remains as a real challenge for software debugging and maintenance community. In this paper, we briefly introduced software anomalies and faults classification and then explained different fault localization models using theory of diagnosis. Furthermore, we compared and contrasted between value based and dependencies based models in accordance with different real misbehaviours and presented some insight information for the debugging process. Moreover, we discussed the results of both models and manifested the shortcomings as well as advantages of these models in terms of debugging and maintenance.