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2017 (5) TMI 1664 - AT - Income TaxMiscellaneous application u/s. 254(2) - Exemption u/s.11 denied - running of ‘Suguna Auditorium Hall’ is a business activity of assessee and not incidental to the main objective of the assessee - Application u/s. 254(2) as the A.R wanted to review the Order of Tribunal as denying exemption claim - HELD THAT:- Tribunal first meticulously mentioned the arguments of the learned AR for the assessee, the points raised by him then the relevant case-laws relied upon by the AR of the assessee. Thereafter, the Tribunal considered the same and passed a speaking order for not entertaining the claim of the assessee. While rejecting the claim of the assessee the Tribunal placed reliance on the judgement of Supreme Court and also Tribunal order. Thus, in view of our detailed discussion and applying the ratio of the decision of the Apex Court, we concluded that the CIT(A) is justified in rejecting the exemption u/s. 11 of the I.T. Act, 1961. From the order of the Tribunal dated 29.06.2016, it is evident that the Tribunal considered the arguments of the assessee’s counsel as well as the ratio of the decisions of the Supreme Court elaborately discussing the same in the order. Hence, it cannot be said that the Tribunal has not considered the case-law cited by the learned AR for the assessee as alleged in the Miscellaneous Application. On the contrary, the Tribunal in the order, after taking note of the case-law relied upon by the parties, gave the findings. Article 141 of the Constitution of India provides that the law declared by the Supreme Court shall be binding on all courts and Tribunals in the Indian Territory. The declaration of law is complete as soon as the judgement is pronounced. - Decided against assessee.
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