DCIT, Tiruppur V. Mehala Carona Textiles P Ltd., Tiruppur

ITA 1700/CHNY/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 96243 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-10-2015
• Appeal Filed By: Department
• Bench Allotted: B
• Next Hearing Date: 13-10-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 23-07-2015
• Court: TRIBUNAL
• Department Lawyers: A V SREEKANTH
• Assessee Lawyers: N VIJAYAKUMAR

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : CHENNAI , . ! '# , $ %& ' [ BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI V. DURGA RAO, JUDICIAL MEMBER ] ./ I.T.A.NO.1700/MDS/2015 / ASSESSMENT YEAR : 2011-12 THE DY. COMMISSIONER OF INCOME-TAX CIRCLE I TIRUPUR VS. M/S MEHALA CARONA TEXTILES P. LTD 36, HARVEY ROAD TIRUPUR 641 602 [PAN AABCM 4722 B ] ( () / APPELLANT) ( *+() /RESPONDENT) / APPELLANT BY : SHRI A.V SREEKANTH, JCIT /RESPONDENT BY : SHRI N. VIJAYA KUMAR, CA / DATE OF HEARING : 13 - 10 - 2015 / DATE OF PRONOUNCEMENT : 16 - 10 - 2015 , / O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-3, COIMBA TORE, DATED 24.4.2014 FOR THE ASSESSMENT YEAR 2011-12. 2. THERE WAS A DELAY OF 9 DAYS IN FILING THE APPEAL BY THE REVENUE. THE REVENUE HAS FILED A PETITION PRAYING FOR CONDONATION OF THE DELAY. WE HAVE GONE THROUGH THE PETITION FILED BY THE REVENUE. ITA NO. 1700/15 :- 2 -: IN OUR OPINION, THERE IS A GOOD AND SUFFICIENT REAS ON FOR FILING THE APPEAL BELATEDLY. ACCORDINGLY, WE CONDONE THE DELA Y OF 9 DAYS AND ADMIT THE APPEAL FOR ADJUDICATION. 3. THE ONLY ISSUE INVOLVED IN THIS APPEAL IS WITH REGA RD TO ALLOWANCE OF DEDUCTION U/S 80IA OF THE INCOME-TAX ACT, 1961. 4. AFTER HEARING BOTH PARTIES, WE ARE OF THE OPINION T HAT THIS ISSUE IS SQUARELY COVERED BY THE JUDGMENT OF THE M ADRAS HIGH COURT IN THE CASE OF VELAYUDHASWAMY SPINNING MILLS (P) LTD V S ACIT, [2012] 340 ITR 477, WHEREIN IT WAS HELD THAT LOSSES AND DE PRECIATION OF THE YEARS EARLIER TO THE INITIAL ASSESSMENT YEAR WHICH HAVE ALREADY BEEN ABSORBED AGAINST THE PROFITS OF OTHER BUSINESS CANN OT BE NOTIONALLY BROUGHT FORWARD AND SET OFF AGAINST THE PROFITS OF THE ELIGIBLE BUSINESS FOR COMPUTING THE DEDUCTION U/S 80IA. RESPECTFULL Y FOLLOWING THE ABOVECITED JUDGMENT OF THE MADRAS HIGH COURT, WE D ISMISS THE GROUNDS RAISED BY THE REVENUE. 5. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DI SMISSED. ITA NO. 1700/15 :- 3 -: ORDER PRONOUNCED IN THE OPEN COURT ON 16 TH OCTOBER, 2015, AT CHENNAI. SD/- SD/- ( . ! '# ) ( V. DURGA RAO ) $ / JUDICIAL MEMBER ( ) (CHANDRA POOJARI) / ACCOUNTANT MEMBER !' / CHENNAI #$ / DATED: 16 TH OCTOBER, 2015 RD $%&& '(&)( / COPY TO: & 1 . / APPELLANT 4. & * / CIT 2. / RESPONDENT 5. (+,& - / DR 3. & *&./ / CIT(A) 6. ,0&1 / GF