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2015 (6) TMI 1093 - AT - Income TaxDeduction us/ 80- IA - Held that:- From the facts of the case it appears that the Ld. Assessing Officer was of the view that since the Revenue was on appeal against the decision of the Hon’ble Madras High Court in the case Velayudhaswamy Spinning Mills P. Ltd [2010 (3) TMI 860 - Madras High Court] 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 (surpa) is stayed by the Hon’ble Apex Court. It is pertinent to mention that in the absence of any stay granted by the Hon’ble Apex Court against the operation of the judgment of the Hon’ble Madras High Court, all the lower judiciaries as well as quasi judicial authorities are bound to follow the decision of the Hon’ble Jurisdictional High Court. Since the Ld.CIT(A) has rightly followed the decision of the Hon’ble Jurisdictional Madras High Court(supra) and held the issue in favour of the assessee, we do not find it necessary to interfere with his order . Therefore we hereby confirm the order of the Ld. Ld. CIT (A).
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