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Income Tax Appellate Tribunal, ‘C’ BENCH, CHENNAI
Before: SHRI N.R.S. GANESAN & SHRI CHANDRA POOJARI
आदेश /O R D E R
PER N.R.S. GANESAN, JUDICIAL MEMBER:
This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals) -3, Chennai, dated 26.08.2015, and pertains to assessment year 2010-11. deduction claimed by the assessee under Section 80-IA of the Income-tax Act, 1961 (in short 'the Act'). The CIT(Appeals) allowed the claim of the assessee by placing reliance on the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v.
ACIT (2010) 231 CTR 368.
Shri A.V. Sreekanth, the Ld. Departmental Representative, submitted that the CIT(Appeals) followed the judgment of Madras High Court. However, the Department has already filed an SLP.
Since the appeal is pending before the Apex Court, to keep the matter alive the Revenue has filed appeal before this Tribunal.
We have considered the rival submissions on either side and perused the relevant material available on record. This Tribunal is of the considered opinion that mere pendency of SLP cannot be a reason for not following the judgment of Madras High Court. When the CIT(Appeals) has followed the binding judgment of Madras High Court, this Tribunal do not find any reason to interfere with his order.
Accordingly, the order of the CIT(Appeals) is confirmed.
In the result, the appeal of the Revenue is dismissed.