2015 (6) TMI 1093

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....Sriraman, Advocate O R D E R PER A.MOHAN ALANKAMONY , ACCOUNTANT MEMBER: This appeal is filed by the Revenue, aggrieved by the order of the Learned Commissioner of Income Tax(A)-I, Coimbatore dated 29.12.2014 in ITA No.433/13-14 passed under Sec.143(3) read with section Sec. 250 of the Act. 2. The Revenue has raised five elaborate grounds in its appeal, however the crux of the issue is that....

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....roceedings, it was observed by the Ld. Assessing Officer that the assessee had claimed the entire deduction relaying upon the decision of the case rendered by the Hon'ble Jurisdictional High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd Vs. ACIT reported in 231 CTR (Mad) 368. The Ld. A.O. opined that Since the Revenue is in appeal and the matter is pending before the Hon. Apex Court, ....

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....T No.1721/Mds./2013 dated 0013. 6. On going through the facts of the case, the A.O has disallowed the deduction claimed u/s.80-IA of the Income Tax Act, 1961. Respectfully following the decision of the Jurisdictional High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd Vs. ACIT reported in 231 CTR (Mad) 368 [2010] the AO is directed to allow the claim of deduction u/s.80-IA of the Inc....

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....wamy Spinning Mills P. Ltd (supra) before the Hon'ble Apex Court, he need not follow that decision. He did not realize that mere pendency of the SLP before the Apex Court is not a valid ground for not following the judgment of the Hon'ble Madras High Court. Further, it is not the case of the Revenue that the judgment of the Hon'ble Madras High Court in the case Velayudhaswamy Spinning Mills P. Ltd....