COMMISSIONER OF INCOME TAX Vs. M. RANJAN RAO

JUDGEMENT

(1.) Challenging the order passed in I.T.A.No.1582/Mds/2012 in respect of the assessment year 2002-03 on the file of the Income Tax Appellate Tribunal, Chennai, "B" Bench, the Revenue has filed the above appeal.

(2.) The above appeal was admitted on the following substantial questions of law:

(3.) When the appeal is taken up for hearing, Mr.M.Swaminathan, learned senior standing counsel appearing for the appellant Revenue fairly submitted that the questions of law involved in the present appeal is covered by the decision of the Division Bench of this Court in 385 ITR 326 (Madras) [Commissioner of Income Tax, Chennai Vs. TTK Healthcare Ltd., ] wherein the Hon'ble Division Bench held against the Revenue and in favour of the assessee, as follows: