R.SUDHAKAR, J.

Mr. G.Baskar, learned counsel takes notice for the respondent/assessee. By consent of both parties, the Tax Case (Appeal) itself is taken for disposal, since the issue involved in this Tax Case (Appeal) is covered by a decision of this Court.

2. This Tax Case (Appeal) is filed by the Revenue as against the order of the Income Tax Appellate Tribunal. The core issue raised in this Tax Case (Appeal) is whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the respondent/assessee is entitled to claim deduction under section 80-IA of the Income Tax Act.

3. Learned counsel appearing for the assessee submitted that the issue involved in this appeal has already been decided by this Court in the decision reported in (2012) 340 ITR 477 (Velayudhaswamy Spinning Mills -Vs -Asst. CIT) and hence the same may be followed in this case also.

4. It is stated by the learned Standing Counsel appearing for the Revenue that as against the decision rendered by this Court in the case of Velayudhaswamy Spinning Mills -Vs -Asst. CIT reported in (2012) 340 ITR 477, the Revenue preferred appeals before the Supreme Court and the same ar