Commissioner Of Income Taxcorporate Circle – 1, Coimbatore v. Super Sales India Limited34-A, Kamraj Roadcoimbatore 641 018Pan: Aadcs 0650 A

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 15.10.2024 CORAM : THE HONOURABLE MR.JUSTICE R. SURESH KUMARAND THE HONOURABLE MR.JUSTICE C. SARAVANAN T.C.A.No.18 of 2023 Commissioner of Income TaxCorporate Circle – 1, Coimbatore...Appellant Vs. Super Sales India Limited34-A, Kamraj RoadCoimbatore 641 018PAN: AADCS 0650 A..Respondent Prayer: Appeal filed under Section 260-A of the Income Tax Act, 1961, against the order of Income Tax Appellate Tribunal “D” Bench,Chennaidated27.09.2022passedin I.T.A.No.2093/CHNY/2017. For the Appellant : Mr.Karthik RanganathanSenior Standing Counsel For the Respondent :Mr.R.Venkatanarayananfor M/s.Subbaraya Aiyar Padmanabhan JUDGMENT (Order of the Court was made by R.SURESH KUMAR, J.)The present tax case appeal was admitted on 11.01.2023 by this Court on the following substantial questions of law:- https://www.mhc.tn.gov.in/judis "1. Whether on the facts and circumstances of the case, the ITAT was right in allowing depreciation amounting to Rs.2,19,94,875/- on account of foreign exchange fluctuation loss relating to foreign currency term loan availed for purchase of windmill and the same was capitalized by the assessee its books of accounts? 2. Whether on the facts and circumstances of the case and in law, the ITAT was justified in allowing the appeal of the assessee without appreciating the fact that capital expenditure incurred by the assessee for purchase of windmill cannot be treated as expenditure u/s. 36 or 37 of the Income Tax Act?" 2. It is submitted by the learned Senior Standing Counsel appearing for the appellant Revenue that this matter is covered under the Low Tax Effect as per the recent Circular dated 17.09.2024, in Circular No.9/2024. T.C.A.No.18 of 2023 3. Hence, this appeal stands dismissed, as covered under the low tax effect and the substantial questions of law arising in this appeal are kept open to be decided at the later point of time. There shall be no order as to costs. (R.S.K., J.) (C.S.N, J) 15.10.2024 Neutral Citation:Yes/No drm T.C.A.No.18 of 2023 R. SURESH KUMAR, J.ANDC. SARAVANAN, J. (drm) T.C.A.No.18 of 2023 15.10.2024