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2022 (6) TMI 1376 - AT - Income TaxRectification of mistake - mistake apparent on record in the order on the issue of section 40(a)(ia) - Tribunal had decided the issue as been reversed by the Hon’ble Supreme Court - Tribunal had followed the decision of CIT vs. Victor Shipping Services Pvt Ltd. [2015 (12) TMI 1131 - SC ORDER] which had been reversed by the Hon’ble Supreme Court in the case of Palam Gas Services vs CIT [2017 (5) TMI 242 - SUPREME COURT] HELD THAT:- The judicial precedence provides that when there is a speaking order by the Hon’ble Supreme Court, that, takes the precedence over the simple rejection of SLP by the Hon’ble Supreme Court. The Hon’ble Supreme Court having reversed the proposition laid down in Victor Shipping Services Pvt Ltd (supra) in the case of Palam Gas Services Ltd (supra) that principles become the law of the land from beginning of time. In these circumstances, as clearly there is a mistake apparent on record in the order on the issue of section 40(a)(ia) decided by the Tribunal the same stands recalled and the issue is restored to the file of the Tribunal for readjudication. The date of hearing is fixed on 24.8.2022. As the date is pronounced in the open court, the notice of hearing is dispensed with. M,.A. of the revenue is allowed.
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