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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI
Before: SHRI N.R.S. GANESAN & SHRI D.S. SUNDER SINGH
आयकर अपीलीय अिधकरण, ‘बी’ �यायपीठ, चे�ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI �ी एन.आर.एस. गणेशन, �याियक सद�य एवं �ी िड.एस. सु�दर �संह, लेखा सद�य केसम� BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 3036/Mds/2016 िनधा�रण वष� / Assessment Year : 2012-13 The Deputy Commissioner of M/s. Amsteel Castings P Ltd., Income Tax, v. 1C Prince Apartments, 59 Ormes Corporate Circle 1(1), Road, Kilpauk, Chennai – 600 010. Chennai – 600 034 PAN:AAACA5352Q (अपीलाथ�/Appellant) (��यथ�/Respondent) अपीलाथ� क� ओर से/Appellant by : Dr. B. Nischal, JCIT ��यथ� क� ओर से/Respondent by : Shri R.M. Narayanan, CA सुनवाई क� तारीख/Date of Hearing : 24.04.2017 घोषणा क� तारीख/Date of Pronouncement : 31.05.2017 आदेश आदेश /O R D E R आदेश आदेश PER N.R.S. GANESAN, JUDICIAL MEMBER:
This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals)-1, Chennai dated 2.08.2016 and pertains to the assessment year 2012-13. The only issue arises for consideration is deduction claimed by the assessee U/s. 80IA of the Income Tax Act, 1961 (in short ‘the Act’)/
When the appeal was taken for hearing Dr. B. Nischal, Ld. representative for the Revenue and Shri R.M. Narayanan, the Ld. representative for the assessee fairly submitted that the issue is covered in favour of the assessee by the judgment of the Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. Vs. ACIT reported in 340 ITR 477. In view of the above, this Tribunal do not find any reason to interfere with the order of the lower authority. Accordingly by following the judgment of the Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra), the appeal of the Revenue stands dismissed.
In the result, the appeal of the Revenue stands dismissed.
Order pronounced on 31st May, 2017 at Chennai.