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2009 (6) TMI 609 - HC - Income TaxBusiness income or income from house property - Whether, on the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal was justified in treating the lease rent received from school building along with playground etc., as business income - Held that: - The need to remand the case to the Tribunal has occasioned because the Tribunal has failed to examine the issue involved in the appeal in the light of the law laid down by the Supreme Court in the case of Universal Plast Ltd. v. CIT (1999 -TMI - 5737 - SUPREME Court). In other words, the Tribunal did not notice the law laid down in the case of Universal Plast Ltd. v. CIT (1999 -TMI - 5737 - SUPREME Court) though applicable to the facts of the case and hence, committed an error of law in deciding the appeal. It is a settled principle of law that law laid down by the Supreme Court is binding on all courts/Tribunal/authority in our country by virtue of article 141 of the Constitution of India. Indeed, when the issue is settled by the decision of the Supreme Court or when any test is laid down as to how and in what manner a particular issue is required to be decided by courts then it is the foremost duty of courts/Tribunal to decide the issue in the light of test laid down by the Supreme Court. Deciding an issue in ignorance of the test vitiates the decision.
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