16. It is further noted that the Revenue's appeal u/s 260A of the Act against the
decision of this Tribunal was dismissed by the Hon'ble Calcutta High Court. We also
note that the judgment of the Hon'ble Calcutta High Court in the appellant's case was
followed with approval by the Hon'ble Madras High Court in the cases of CIT Vs
Elegant Estate (383 ITR 149), CIT Vs Arun Excello Foundations (P.)
This order was
carried by the Revenue by way of appeal to the Hon'ble Division Bench
of this Court which was dismissed by judgement dated 19.06.2018 in
the case of Commissioner of Income Tax, Chennai Vs. Elegant
Estates [2018 (425) ITR Madras].