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TMI Blog2019 (3) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... ENT T.S.SIVAGNANAM, J. This appeal, by the Revenue filed under Section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), is directed against the order passed by the Income Tax Appellate Tribunal Chennai Bench 'D' (for brevity "the Tribunal"), dated 13.01.2011 in I.T.A.No.1930/Mds/2010 for the assessment year 2007-08. 2.The above appeal has been admitted, vide orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding Counsel for the appellant; and Mr.A.S.Sriraman, learned counsel appearing for the respondent/assessee. 4.The Tribunal, while dismissing the appeal filed by the Revenue and confirming the order passed by the Commissioner of Income Tax (Appeals)-III, Chennai, (for brevity "the CIT(A)") dated 09.08.2010, followed the assessee's own case for the assessment year 2006-07 in I.T.A.No.1368/Mds/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned counsel on either side submitted that they will produce the copy of the order passed by the Tribunal, dated 23.04.2010, and argue as to the correctness of the said order and the Court may test the same to arrive at a decision. 7.By consent, the said procedure was adopted and accordingly, We heard the appeal today. The order passed by the Tribunal in the assessee's own case for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s appeal. The Revenue filed appeal to the Tribunal against the order passed for the assessment year 2006-07. This appeal was dismissed by order dated 23.04.2010. 9.We have perused the said order passed by the Tribunal and we find that the Tribunal has analysed the entire transactions in great depth to confirm the order passed by the CIT(A), had analysed the business prudence and found that no b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also not disputed. Further, it analysed every attendant facts and circumstances, and rejected the stand taken by the Assessing Officer that the transaction was a 'sham transaction'. 11.We find that the order passed by the Tribunal is a well reasoned order taking into consideration the facts and circumstances. In fact, the Tribunal had re-appreciated the factual position, which was consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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