Principal Commissioner Of Income Tax 1 v. M/S. Precot Meridian Ltd,"Supreme" P.b

IN THE HIGH COURT OF JUDICATURE AT MADRAS Dated:23.01.2017 The Hon'ble Mr.Justice HULUVADI G.RAMESHANDThe Hon'ble Dr. Justice ANITA SUMANTH Principal Commissioner of Income Tax 1,No.63, Race Course Road,Coimbatore.. Appellant Versus M/s. Precot Meridian Ltd,"Supreme" P.B.No.7161,Green Fields,Puliakulam RoadCoimbatore. ..Respondent Tax Case Appeal filed under Section 260-A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal "C" Bench, Chennai dated 24.3.2016 passed inI.T.A.Nos.119/Mds/2016. Against the order passed by theCommissioner of Income Tax (Appeals)-1, Coimbatore, dated28/10/15, made in Appeal No.18/13-14, for assessment-year 2010-2011 against the assessment order passed by the jointcommissioner of Income Tax, Range-1, Coimbatore dated 11.03.13,in GIR NO.AABCP3038K for the assessment year 2010-11. For Appellant .. Mr.T.R.Senthil KumarJ U D G M E N T This Tax Case (Appeal) is filed by the Revenue calling inquestion the correctness of the order passed by the Income TaxAppellate Tribunal, "C" Bench, Chennai dated 24.3.2016 inI.T.A.Nos.119/Mds/2016, in respect of the Assessment Year 2010-2011. The following substantial questions of law have beenframed for our consideration: '1. Whether on the facts and circumstance ofthe case the Appellate Tribunal was right in law inholding that the assessee is entitled to deductionunder section 80 IA of the Income Tax Act?' 2. Whether under the facts and circumstances of https://hcservices.ecourts.gov.in/hcservices/ the case, the Income Tax Appellate Tribunal wasright in holding that unabsorbed depreciation of theearlier years before the first year of claim, whichwas already been absorbed, should not be notionallycarried forward and taken into consideration forcomputation of deduction u/s.80 IA of the Income TaxAct?' 2. Learned counsel appearing for the Revenue would fairlybring to our notice that the decision of this Court in the caseof Velayuthasamy Spinning Mills Vs Assistant Commissioner ofIncome-tax, Tirupur (340 ITR 477) deciding the issue inquestion, in favour of the Assessee has confirmed by the Hon'bleSupreme Court in Assistant Commissioner of Income-tax, TirupurVs. Velayudhaswamy Spinning Mills (P) Ltd (2016) 76 taxmann.com176(SC) 3. The Tax Case (Appeal) stand dismissed. No costs. Sd/- Deputy Registrar /true copy/Sub Asst. Registrarmsr/slTO:1The Income Tax Appellate Tribunal'C' Bench,Chennai.2The Commissioner of Income Tax (Appeals-1)Coimbatore.3The Joint Commissioner of Income Tax Range-1,Coimbatore. +1cc to Mr.T.R.Senthil kumar, Advocate in sr.no.4232 TAX CASE APPEAL No. 890 of 2016 SSI(CO)NR 25/09/2017