TMI Blog2009 (6) TMI 609X X X X Extracts X X X X X X X X Extracts X X X X ..... otice 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 vitiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plast Ltd. v. CIT [1999] 237 ITR 454 ; AIR 1999 SC 1641 then whether such finding is liable to be set aside being rendered in ignorance of law laid down by the Supreme Court ? 3 . If answer to question No. 2 is in the affirmative, whether a case for remand is made out for remanding the case to the Tribunal for deciding the appeal afresh on the merits ?" 4 . Heard Mr. R. L. Jain, learned senior counsel with Ms. Veena Mandlik, learned counsel for the appellant and Mr. Vijayesh Atre, learned counsel for the respondent. 5. Having heard the learned counsel for the parties and on a perusal of the record of the case and lastly as conceded by learned counsel for the parties, we have formed an opinion to remand this appeal along with o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of the test vitiates the decision. 9. It is not in dispute and rather both learned counsel for the parties conceded that the law laid down by the Supreme Court in the case of Universal Plast Ltd. v. CIT [1999] 237 ITR 454 has a bearing over the issue involved in the case and hence, in the first instance the issue needs to be decided by the Tribunal in the light of the test laid down by the Supreme Court in the said decision and then by this court (if occasion arises). Indeed, it is in this case Universal Plast Ltd. v. CIT [1999] 237 ITR 454 (SC) their Lordships of the Supreme Court in paragraph 18 laid down the four propositions as to how and in what circumstances, an income earned by the assessee by whatever name called whether l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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