(1.) This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 ('the Act' for brevity), is directed against the order dated 27.06.2008 passed by the Income Tax Appellate Tribunal, Madras "C" Bench, Chennai ('the Tribunal' for brevity) in I.T.A.No. 2507/Mds/2007 for the Assessment Year 2004-05.
(2.) The above appeal was admitted on 08.04.2013 on the following Substantial Question of Law for consideration:
(3.) We have heard Mr.V.S.Jayakumar, learned counsel for the appellant/ assessee and Mr.Karthick Ranganathan, learned Senior Standing Counsel for the respondent/ Revenue.