COMMISSIONER OF INCOME TAX Vs. P.V.CHANDRAN

JUDGEMENT

(1.) This appeal is filed by the Revenue as against the order of the Income Tax Appellate Tribunal. The core issue raised in this Tax Case (Appeal) is whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the respondent/assessee is entitled to claim deduction under Section 80 -IA of the Income Tax Act.

(2.) Though it is brought to the notice of this Court that the issue involved in this appeal has already been decided by this Court in the decision reported in Velayudhaswamy Spinning Mills Vs Asst. CIT [2012) 340 ITR 477], it is stated by the learned Standing Counsel appearing for the Revenue that as against the decision rendered by this Court in Velayudhaswamy Spinning Mills, the Revenue has preferred appeals before the Supreme Court and the same are pending.

(3.) Heard learned Standing Counsel appearing for the Revenue and perused the materials placed before this Court.