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TMI Blog2009 (6) TMI 609X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated January 31, 2005 passed by Income-tax Appellate Tribunal in I. T. A. No. 284/Ind of 2004 (assessment year 1994-95). The appeal was admitted for final hearing on the following substantial question of law"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 ?" 3. At the outset, learned counsel for the parties agreed that the appeal does involve two more substantial questions of law, which arise out of the impugned order and hence, with the consent of learned counsel for the parties, we frame two additional questions of law by taking recourse to our powers av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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] 237 ITR 454 ; AIR 1999 SC 1641. In other words, the Tribunal did not notice the law laid down in the case of Universal Plast Ltd. v. CIT [1999] 237 ITR 454 (SC) though applicable to the facts of the case and hence, committed an error of law in deciding the appeal. 8. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the foregoing discussion, we answer question Nos. 2 and 3 in favour of the appellant, i.e., Revenue. As a consequence, it is not necessary to answer question No. 1 because the case has to go back to the Tribunal for deciding question No. 1 afresh on its merits keeping in view the law laid down by the Supreme Court in the case of Universal Plast Ltd. v. CIT [1999] 237 ITR 454 and any other decision of the Supreme Court holding the field on the subject in question subsequent to Universal Plast Ltd. case [1999] 237 ITR 454 (SC). 12. As a consequence, the appeal succeeds and is allowed in part. The impugned order is set aside and the case is remanded to the Tribunal for fresh decision in the light of what is observed supra. 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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