Principal Commissioner Of Income Tax 1 v. M/S.sakthi Sugars Ltd

IN THE HIGH COURT OF JUDICATURE AT MADRAS Principal Commissioner of Income Tax 1,No.63, Race Course Road, Coimbatore. ...AppellantVs M/s.Sakthi Sugars Ltd.,180, Race Course Road,Coimbatore - 641 018....Respondent Prayer:-APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 25.01.2018 made in ITA.No.1547/Mds/2017on the file of the Income Tax Appellate Tribunal, Madras 'A'Bench, for the assessment year 2009-10. Against the Order of the Commissioner of Income Tax (Appeals)I, Coimbatore in Appeal No.97/15-16 dated 24.04.2017 for theassessment year 2009-10 against the Assessment order DeputyCommissioner of Income Tax Corporate Circle-I, Coimbatore, dated19.03.2015 in PAN/GIR.No.AADC50651B. For Appellant: Mr.T.R.Senthil Kumar Senior Standing CounselFor Respondent: Mr.R.Vijayaraghavan for M/s.Subbaraya Aiyar Padmanabhan JUDGMENT (Delivered by T.S.Sivagnanam,J) This appeal, filed by the Revenue, is directed against theorder dated 25.01.2018 made in ITA.No.1547/Mds/2017 on the fileof the Income Tax Appellate Tribunal, Madras 'A' Bench ('theTribunal' for brevity) for the assessment year 2009-10. 2. The Revenue has raised the following substantialquestions of law for consideration: "1. Whether the ITAT is justified in holdingthat the assessee is eligible for depreciationon the notional loss without appreciating thatthe loss on the exchange fluctuation of FCCB ismere notional and not real loss? https://hcservices.ecourts.gov.in/hcservices/ 2. Whether the Appellate Tribunal is correctin ignoring the decision of the Hon'ble SupremeCourt in the case of M/s Woodward Governor IndiaPvt Ltd (2009) 179 Taxman 326 (SC) wherein itwas clearly laid out that under amended Section43A with effect from 01.04.2003 such actualpayment of the decreased/enhanced liability ismade a condition precedent for making adjustmentin the carrying amount of the fixed asset?" 3. We have heard Mr.T.R.Senthil Kumar, learned SeniorStanding Counsel appearing for the appellant-Revenue andMr.R.Vijayaraghavan,appearingforM/s.SubbarayaAiyarPadmanabhan, learned counsel for the respondent/assessee. 4. The learned counsel for the respondent/assessee submitsthat the respondent/assessee has already filed thedeclaration/undertaking under the Vivad Se Vishwas Scheme and isawaiting orders to be passed in Form No.3. 5. In the light of the subsequent event, the CompetentAuthority shall process the application/declaration inaccordance with the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3of 2020) and pass appropriate orders as expeditiously aspossible. The assessee is given liberty to restore this appealin the event the ultimate decision to be taken on thedeclaration filed by the assessee under Section 4 of the saidAct is not in favour of the assessee. If such a prayer is made,the Registry shall entertain the prayer without insisting uponany application to be filed for condonation of delay inrestoration of the appeal and on such request made by theassessee by filing a miscellaneous petition for restoration, theRegistry shall place such petition before the appropriateDivision Bench for orders. 6. The tax case appeal stands disposed of with theaforementioned liberty and consequently, the substantialquestions of law framed are left open. No costs. Sd/- Assistant Registrar(CS IV)//True Copy// Sub Assistant Registrar To 1. The Income Tax Appellate Tribunal, Madras 'A' Bench, Chennai. 2. The Principal Commissioner of Income Tax 1, No.63, Race Course Road, Coimbatore. Coimbatore. 3. The Commissioner of Income Tax (Appeals)I, Coimbatore. Coimbatore. 4. The Deputy Commissioner of Income Tax Corporate Circle – I, Coimbatore. Corporate Circle – I, Coimbatore. +1cc to Mr.T.R.Senthil Kumar, Advocate, S.R.No.10835 +1cc to M/s.Subbaraya Aiyar Padmanabhan, Advocate, S.R.No.11090 TCA.No.432 of 2018 JP(CO)CS/19/03/2021