The Commissioner of Income-tax, Chennai v. Alagumalai Impex Pvt. Ltd
[Citation -2020-LL-0710-27]
| Citation | 2020-LL-0710-27 |
|---|---|
| Appellant Name | The Commissioner of Income-tax, Chennai |
| Respondent Name | Alagumalai Impex Pvt. Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 10/07/2020 |
| Assessment Year | 2008-09 |
| Judgment | View Judgment |
| Keyword Tags | unabsorbed depreciation loss • substantial question of law • brought forward losses • computing deduction • set off |
| Bot Summary: | 408 of 2018 JUDGMENT Order of the Court was made by T.S.SIVAGNANAM, J. This appeal filed by the Revenue under Section 260 A of the Income Tax Act, 1961 is directed against the order passed by the Income Tax Appellate Tribunal, Chennai, 'B' Bench in I.T.A.NO.2911/Mds/2014 dated 11.07.2017 for the assessment year 2007-08. The appeal has been filed raising the following substantial question of law. Whether the Tribunal was correct in holding that the quantum of unabsorbed depreciation loss out of the total loss carried forward is not required to be set off before computing deduction u/s 10B 2. Whether the Tribunal ought to have followed the decision of the Apex Court in the case of Himatasingke Seide Ltd reported in 214 Taxmann.com page 257 wherein it had been clearly held that brought forward losses are to be first set off before allowing deduction u/s.10B of the I.T.Act 2. It is not in dispute and cannot be disputed by the Revenue that the above question of law are answered against the Revenue in T.C.A.No. Thus following the above decision, the Tax Case Appeal is dismissed and the substantial question of law are answered against the Revenue. |