(1.) THE appeal is filed against the order of the Income Tax Appellate Tribunal Madras 'c' Bench dated 16. 3. 2007 made in I. T. A. No. 1375/mds/2005 for the assessment year 2001-2002.
(2.) THE brief facts of the case as culled out from the statement of facts stated in the memorandum of appeal are as follows:
(3.) WE heard the argument of the learned counsel appearing for the revenue and perused the materials on record.