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2008 (2) TMI 641 - HC - Income TaxTribunal was justified and/or had the jurisdiction to ignore the decision of the High Court on the ground that it does not lay down the correct principles of law on the issue involved therein. - Tribunal was right in their observations, even then what was the procedure which the Tribunal should have followed in such eventuality or not. Regarding jurisdiction of Tribunal. Held that:- the Tribunal was not justified in commenting upon the decision of High Court nor was justified in ignoring the decision on the ground that it does not lay down the correct principle of law on the issue involved. Decided in favour of Assessee. Regarding procedure followed by Tribunal. held that:- a power to overrule any decision of the High Court vests only with the Supreme Court and with the larger Bench of the same High Court. So long as the decision is not overruled, it continues to hold the field and is, therefore, binding on courts/tribunals subordinate to such High Court. decided in favour of Assessee.
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