Principal Commissioner Of Income Tax-3 v. M/S. Sicagen India Limited

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 18.11.2024 CORAM :

THE HONOURABLE MR.JUSTICE R. SURESH KUMAR AND THE HONOURABLE MR.JUSTICE C. SARAVANAN Principal Commissioner of Income Tax - 3 Chennai.

..

Appellant Vs.

M/s.Sicagen India Ltd.

4th Floor SPIC House 88 Mount Road, Guindy Chennai 600 032 PAN: AAKCS5770J ..

Respondent Prayer: Appeal filed under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal "C" Bench, Chennai, dated 17.10.2022 in I.T.A.No.271/Chny/2022. For the Appellant :

Mr.J.Narayanasamy Senior Standing Counsel

JUDGMENT

(Order of the Court was made by R.SURESH KUMAR, J.) The substantial questions of law raised in the present tax case appeal are:- (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that disallowance u/s. 14A shall not form part of the book profit under Section 115JB of the Act and quashed the order passed u/s.263?

(ii) Whether on the facts and in the

circumstances of the case and in law, the Tribunal was right in holding that the disallowance u/s.14A shall not form part of the book profit u/s.115JB when clause (f) of explanation 1 to Section 115JB warrants additions of such expenditure relatable to exempt income?

2. It is submitted by Mr.J.Narayanasamy, learned Senior Standing Counsel appearing for the appellant Revenue that the present Tax Case Appeal is covered under the Low Tax Effect as per the recent Circular dated 17.09.2024, in Circular No.9/2024.

3. Recording the same, the present appeal stands dismissed as Low Tax Effect. The questions of law raised in this appeal are kept open to be decided at the later point of time. There shall be no order as to costs.

(R.S.K., J.) (C.S.N, J) 18.11.2024 drm

R. SURESH KUMAR, J.

AND C. SARAVANAN , J.

(drm) 18.11.2024