The Commissioner Of Income Tax,Chennai v. M/S.alagumalai Impex Pvt Ltd

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 10.07.2020 CORAM THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMandTHE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYANT.C.A.No.408 of 2018 The Commissioner of Income Tax,Chennai. .. Appellant Versus M/s.Alagumalai Impex Pvt Ltd.,No.95, New Avadi Road,Kilpauk, Chennai 600 010PAN AADCA6590R.. Respondent 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.No721/Mds/2014 relating to the Asst Year 2008-09. Against the order dated 28/11/2013 made in ITA.No.212/13-14 on the file of the Commissioner of Income Tax Appeals,Central (1), Chennai against the order dated 24/12/2010 made inPAAGIR.No. AADCA6590K/AX 4-770 on the file of the DICT Companycircle 1 (1) Chennai for the Assessment Year 2008-09. For Respondent: Mr.T.N.Seetharaman 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 Case Appealis dismissed and the substantial question of law are answeredagainst the Revenue. Sd/-Assistant Registrar//True Copy//Sub Assistant Registrar SkTO 1.The Income Tax Appellate Tribunal 'B'Bench, Chennai. 2.The Commissioer of Income Tax (Appeals)Central – 1, Chennai. 3.The Deputy Commissioner of Income Tax Company Circle 1 (1), Chennai. 4.The Commissioner of Income Tax, Chennai. Chennai. T.C.A.No.408 of 2018 RSV(CO)GN(29/12/2020)