Commissioner Of Income Tax, Trichy v. M/S.intex, 16-D, Coimbatore Road, Karur - 639 001

IN THE HIGH COURT OF JUDICATURE AT MADRASDated: 14.06.2016 C O R A M The Honourable Mr.Justice S.ManikumarandThe Honourable Mr.Justice D.Krishnakumar Tax Case Appeal No.398 of 2016 Commissioner of Income Tax,Trichy ...AppellantVs M/s.INTEX,16-D, Coimbatore Road,Karur - 639 001 ...Respondent Prayer :Appeal filed against the order of the Income TaxAppellate Tribunal, Madras 'B' Bench, Chennai dated 30.01.2015in ITA No.147/Mds/2014 (Assessment Year 2010-11) against theorder passed by the Commissioner of Income Tax (Appeals)Trichirappalli, dated 23/10/2013 in ITA 173/2012-13/CIT)(A)/TRYand against the order passed by the Assistant Commissioner ofIncome Tax, Circle-II, Trichy, in PAN/GIR No. dated31/11/13 for the Assessment Year 2010-11. For appellant : Mr.J.Narayanasamy Sr. Standing Counsel for Income Tax.J U D G M E N T (Judgment of the Court was made by S.Manikumar,J) This Appeal has been filed against the order of the IncomeTax Appellate Tribunal, 'B' Bench, Madras, dated 30.01.2015 forthe assessment year 2010-11. 2. The substantial questions of law raised in the instantappeal are:-“1. Whether on the facts and in thecircumstances of the case the tribunal wasright in holding that receipts from sale ofcarbon credits are to be treated as capitalreceipt not assessable to tax? https://hcservices.ecourts.gov.in/hcservices/ 2. Whether on the facts and in thecircumstances of the case the tribunal wasright in holding that the receipts from thesale of carbon credits are entitled fordeduction under section 80IA with respectto the wind mill division? 3. Whether on the facts and in thecircumstances of the case the tribunal wasright in holding that assesse is entitledfor deduction under Section 80IA withrespect to the wind mill division byfollowing the decision of the Madras HighCourt in the case of Velayuthswamy SpinningMills?” 3. In so far as Substantial Question No.3 is concerned,decision in Velayuthaswamy Spinning Mills case is stated to bepending on the file of the Hon'ble Apex Court and therefore, thesame cannot be adjudged here. 4. However, not withstanding the above, Mr.J.Narayanasamy,learned Senior Standing Counsel for Income Tax submitted thatthe monetary limit in the instant tax appeal falls within theambit of the Circular bearing No.21 of 2015, dated 10.12.2015.He further submitted that there is no audit objection. 5. In the light of the above, Mr.J.Narayanasamy, learnedSenior Standing Counsel for Income Tax seeks permission towithdraw, Tax Case Appeal No.398 of 2016, subject of course thesubstantial questions of law Nos.1 and 2 be left open. 6. Placing on record the above submissions, the instant TaxCase Appeal No.398 of 2016, is dismissed as withdrawn, leavingsubstantial questions of law Nos.1 and 2, open. No costs. Assistant Registrar(CS II) //True Copy// Sub Assistant Registrar To 1.The Commissioner of Income Tax, Trichy. Trichy. 2.The Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai. Madras 'B' Bench, Chennai. 3.The Commissioner of Income Tax (Appeals), Trichirappalli. Trichirappalli. 4.The Assistant Commissioner of Income Tax, Circle-II, Trichy. +1cc to Mr.J.Narayanasamy, Advocate sr.32719 Tax Case Appeal No.398 of 2016ca[co]srg 29/06/2016