Tca/406/2018 Of The Commissionr Of Income Tax v. M/S.alagumalai Impex Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT MADRAS THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMandTHE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN T.C.A.No.406 of 2018 The Commissioner of Income Tax,Chennai. M/s.Alagumalai Impex Pvt Ltd.,No.95, New Avadi Road,Kilpauk, Chennai 600 010PAN AADCA6590R Prayer:- Tax Case Appeal filed under Section 260-A of the IncomeTax Act, 1961, against the order of the Income Tax AppellateTribunal, Madras 'B' Bench, dated 11.07.2017 made inI.T.A.No2911/Mds/2014 relating to the Asst Year 2007-08. Against the order dated 27/08/2014 made in ITA.No. 419/9-10/A1 passed by the Commissioer of Income Tax Appeals(1),Against the Order dated 17/12/2009 made in PAGIR.No. AADCA6590Rassessment year 2007-08. For Appellant: Mr.R.HemalathaStanding counsel for TaxesFor Respondent: Mr.T.N.Seetharaman JUDGMENT [Order of the Court was made by T.S.SIVAGNANAM, J.] This appeal, filed by the Revenue under Section 260 A ofthe Income Tax Act, 1961 is directed against the order passed bythe Income Tax Appellate Tribunal, Chennai, 'B' Bench inI.T.A.NO.2911/Mds/2014 dated 11.07.2017 for the assessment year2007-08. The appeal has been filed raising the followingsubstantial question of law. 1. Whether the Tribunal was correct in holdingthat the quantum of unabsorbed depreciation loss outof the total loss carried forward is not required tobe set off before computing deduction u/s 10B? https://hcservices.ecourts.gov.in/hcservices/ 2. Whether the Tribunal ought to have followedthe decision of the Apex Court in the case ofHimatasingke Seide Ltd reported in 214 Taxmann.compage 257 wherein it had been clearly held that broughtforward losses are to be first set off before allowingdeduction u/s.10B of the I.T.Act? 2. It is not in dispute and cannot be disputed by theRevenue that the above question of law are answered against theRevenue in T.C.A.No.228/2011 dated 18.03.2020 as well as by thisCourt in T.C.A.No.301/2019 dated 06.07.2020. 3. Thus, following the above decision, the Tax CaseAppeal is dismissed and the substantial questions of law areanswered against the Revenue. Sd/- Assistant Registrar //True Copy// Sk Sub Assistant Registrar TO 1.The Income Tax Appellate Tribunal, B Bench, Chennai. 2.The Commissioer of Income Tax (Appeals)-1, Chennai. 3.The Deputy Commissioer of Income Tax, Company Circle 1 (1), Chennai. 4.The Commissioner of Income Tax, Chennai. T.C.A.No.406 of 2018 RSV(CO)GN(29/12/2020)