(1.) The revenue has preferred this appeal under Section 260A of the Income-tax Act, 1961 challenging the vires of the order dated 17-10-2008 passed by the Income-tax Appellate Tribunal 'C Bench, Chennai, made in I.T.A. 588/Mds./2005.
(2.) This appeal was admitted on the following substantial questions of law:
(3.) The facts leading to the filing of this appeal are as follows: