- (1.) HEARD the learned counsel on both sides. Delay condoned. Leave granted. By consent, the matter is taken up for final hearing.
(2.) THE narrow controversy is whether: on the facts and circumstances of this case, the respondent (the assessee herein) was not entitled to deduction in view of the law laid down in the judgment of the Division Bench of this Court in CIT Vs. Sri Mangayarkarasi Mills (P) Ltd.? According to the learned counsel appearing on behalf of the assessee, the judgment of this Court in Sri Mangayarkarasi Mills (P) Ltd. does not lay down the law across the board and that the said judgment has to be seen in the facts of each case. We express no opinion on the said submission.
(3.) ACCORDINGLY , we remit this matter to the High Court for de novo consideration in the light of the judgment in Sri Mangayarkarasi Mills (P) Ltd. which has been delivered only on 21/7/2009. The High Court would also consider the tests laid down by this Court in CIT Vs. Saravana Spg. Mills (P) Ltd. and CIT Vs. Ramaraju Surgical Cotton Mills, while disposing of this case on merits. We express no opinion on merits.;