Commissioner of Income-tax, Chennai v. M/s. Southern Petrochemical Industries Corporation Ltd
[Citation -2014-LL-1112-20]

Citation 2014-LL-1112-20
Appellant Name Commissioner of Income-tax, Chennai
Respondent Name M/s. Southern Petrochemical Industries Corporation Ltd.
Court HIGH COURT OF MADRAS
Relevant Act Income-tax
Date of Order 12/11/2014
Assessment Year 2000-01
Judgment View Judgment
Keyword Tags unabsorbed depreciation • business profit
Bot Summary: For Appellant : Mr.T.R.Senthilkumar JUDGMENT The short issue, as decided by the Tribunal, is as follows:- ''This appeal is filed by the Revenue. The appeal is directed against the order of the Commissioner of Income Tax-V at Chennai dated 20.7.2010 and arises out of the order of the assessing authority passed under sec.154 of the Income Tax Act, 1961. The ground raised by the Revenue in the present appeal is that the Commissioner of Income Tax has erred in allowing the assessee to set off of brought forward unabsorbed business losses against the current year's short term capital gains. This order of the Tribunal has been upheld by the Hon'ble Madras High Court in the case of Commissioner of Income Tax vs. RPIL Signalling Systems Ltd., where the Hon'ble High Court has held that the unabsorbed depreciation brought forward could be set off against the taxable business profit or income under any other head for the following eight assessment years. In view of the above, we find that this appeal filed by the Revenue is liable to be dismissed. As the issue raised in this appeal had already been decided by this Court in the case of Commissioner of Income Tax vs. Pioneer Asia Packing P.Ltd. 310 ITR 198 and the same has been subsequently followed by this Court in the decision in Commissioner of Income Tax vs. RPIL Signalling Systems Ltd., 328 ITR 283 relied on by 3 the Tribunal, we find no merits and no question of law, much less a substantial question of law in this tax case appeal.


IN HIGH COURT OF JUDICATURE AT MADRAS DATED: 12.11.2014 CORAM HONOURABLE MR.JUSTICE R.SUDHAKAR AND HONOURABLE MR.JUSTICE R.KARUPPIAH Tax Case (Appeal) No.767 of 2014 Commissioner of Income Tax Chennai .. Appellant -vs- M/s Southern Petrochemical Industries Corporation Ltd., SPIC House 88, Mount Road Guindy, Chennai 600 032 .. Respondent Memorandum of Grounds of Tax Case Appeal under Section 260A of Income Tax Act, 1961 against order of Income Tax Appellate Tribunal, Chennai 'B' Bench dated 16.6.2011 made in I.T.A.No.1649/Mds/2010 for assessment year 2000-01. For Appellant : Mr.T.R.Senthilkumar JUDGMENT (Judgment of Court was delivered by R.SUDHAKAR, J.) short issue, as decided by Tribunal, is as follows:- ''This appeal is filed by Revenue. relevant assessment year is 2000-01. appeal is directed against order of Commissioner of Income Tax (Appeals)-V at Chennai dated 20.7.2010 and arises out of order of assessing authority passed under sec.154 of Income Tax Act, 1961. 2 2. ground raised by Revenue in present appeal is that Commissioner of Income Tax (Appeals) has erred in allowing assessee to set off of brought forward unabsorbed business losses against current year's short term capital gains. This issue was considered by ITAT, Chennai 'B' Bench in case of Income Tax Officer vs. M/s RPIL Signalling Systems Ltd., in I.T.A.No.383/Mds/2006 through their order dated 25.4.2008. This order of Tribunal has been upheld by Hon'ble Madras High Court in case of Commissioner of Income Tax vs. RPIL Signalling Systems Ltd., (328 ITR 283) where Hon'ble High Court has held that unabsorbed depreciation brought forward could be set off against taxable business profit or income under any other head for following eight assessment years. 3. In view of above, we find that this appeal filed by Revenue is liable to be dismissed.'' 2. learned counsel for appellant-Revenue fairly contends that issue stands covered by decision of this Court cited supra. 3. As issue raised in this appeal had already been decided by this Court in case of Commissioner of Income Tax vs. Pioneer Asia Packing P.Ltd., [(2009) 310 ITR 198 (Mad.)] and same has been subsequently followed by this Court in decision in Commissioner of Income Tax vs. RPIL Signalling Systems Ltd., [(2010) 328 ITR 283 (Mad.)] relied on by 3 Tribunal, we find no merits and no question of law, much less substantial question of law in this tax case appeal. Accordingly, tax case appeal is dismissed. Index : no (R.S.J.,) (R.K.,J.) Internet: yes 12.11.2014 ss To 1. Income Tax Appellate Tribunal Chennai 'B' Bench Chennai 2. Commissioner of Income Tax Chennai 4 R.SUDHAKAR, J. and R.KARUPPIAH,J. ss Tax Case (A) No.767 of 2014 12.11.2014 Commissioner of Income-tax, Chennai v. M/s. Southern Petrochemical Industries Corporation Ltd
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