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The Dy. Commissioner of Income-tax Corporate Circle 1 Coimbatore Versus M/s Vetal Textiles and Electronics P. Ltd

Deduction u/s 80IA - Held that:- CIT(A) allowed the claim of the assessee for deduction u/s 80IA by following the binding judgment of the Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (2010 (3)860 - Madras High Court ). This Tribunal is of the considered opinion that mere pendency of SLP before the Apex Court cannot be a reason for not following the judgment of the jurisdictional High Court. In other words, the judgment of the jurisdictional High Court is binding on all authorities .....

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2015 and pertains to assessment year 2011-12. 2. Notice of hearing was served on the assessee through Departmental Representative. The ld. DR has filed the copy of acknowledgement as proof of service of notice on the assessee. Inspite of receipt of notice, no one appeared at the time of hearing, therefore, we heard the ld. DR and proceeded to dispose of the appeal on merit. 3. Shri P Radhakrishnan, ld. DR submitted that the only issue arises for consideration is deduction u/s 80IA of the Act in .....

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