The Hon'ble Mr.Justice HULUVADI G.RAMESH AND The Hon'ble Dr. Justice ANITA SUMANTH
TAX CASE APPEAL No. 890 of 2016
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, ..Respondent Tax Case Appeal filed under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal "C" Bench, Chennai dated 24.3.2016 passed in I.T.A.Nos.119/Mds/2016.
For Appellant .. Mr.T.R.Senthil Kumar J U D G M E N T (Judgment of the Court was delivered by Dr.ANITA SUMANTH,J.) This Tax Case (Appeal) is filed by the Revenue calling in question the correctness of the order passed by the Income Tax Appellate Tribunal, "C" Bench, Chennai dated 24.3.2016 in I.T.A.Nos.119/Mds/2016, in respect of the Assessment Year 2010-2011. The following substantial questions of law have been framed for our consideration:
'1. Whether on the facts and circumstance of the case the Appellate Tribunal was right in law in holding that the assessee is entitled to deduction under section 80 IA of the Income Tax Act?'
2. Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that unabsorbed depreciation of the earlier years before the first year of claim, which was already been absorbed, should not be notionally carried forward and taken into consideration for computation of deduction u/s.80 IA of the Income Tax Act?'
2. Learned counsel appearing for the Revenue would fairly bring to our notice that the decision of this Court in the case of Velayuthasamy Spinning Mills Vs Assistant Commissioner of Income-tax, Tirupur (340 ITR 477) deciding the issue in question, in favour of the Assessee has confirmed by the Hon'ble Supreme Court in Assistant Commissioner of Income-tax, Tirupur Vs. Velayudhaswamy Spinning Mills (P) Ltd (2016) 76 taxmann.com 176(SC) 3. The Tax Case (Appeal) stand dismissed. No costs.
(H.G.R.,J) (A.S.M.,J) 23.01.2017 Speaking order/non-speaking order Index:Yes/No msr/sl
HULUVADI G. RAMESH, J.
& DR.ANITA SUMANTH, J.
msr/sl
TAX CASE APPEAL No. 890 of 2016
23.01.2017