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2014 (4) TMI 853 - HC - Income TaxReview of the order u/s 260A of the Act - Claim of deduction u/s 80IB(10) of the Act – Presence of substantial question of law – Held that:- All Courts in India are bound to follow the decision of the Supreme Court and the law laid down by the Supreme Court is binding on all Courts and Tribunals - When some principle of law has been laid down by the Supreme Court, it is the duty of the High Court or Subordinate Courts to follow the decision of the Supreme Court and to ignore the well settled law by a judicial pronouncement of the Supreme Court and to pass order contrary to it would be gross impropriety - It amounts to 'judicial adventurism' as has in Dwarikesh Sugar Industries Ltd. v. Prem Heavy Engineering Works (P) Ltd. [1997 (5) TMI 421 - SUPREME COURT]. The contention of the assessee that even raising infrastructural development entitled them to deduction u/s 80IB(10) of the Act is not sustainable - assessee have not constructed residential flats and as such barely raising infrastructural facilities would not raise any substantial question of law requiring adjudication by the Court – the assessee have sold the plots instead of constructing the residential houses which was essential for the purpose of claiming deduction, was not entitled to deduction - appeal before the High Court is maintainable with respect to any judgment where the High Court is satisfied that the case involves the substantial question of law – section 260A(3) of the Act leaves no room for doubt that if the appeal before the HC does not involve any substantial question of law or that High Court is not satisfied that the appeal involves any substantial question of law, then there is no necessity for the High Court to frame substantial question of law and to answer the same thereafter - the entire controversy raised by the assessee was factual in nature and does not contain any legal issue – Decided against Assessee.
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