TMI Blog2016 (10) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... al has committed an error. The issue is answered in favour of the assessee and against the department. The view taken by this Court in a case of Relaxo Footwear [2001 (11) TMI 14 - RAJASTHAN HIGH COURT] will apply in the present case and the view taken by the Tribunal is liable to be confirmed and the same is confirmed. - D.B. Income Tax Appeal No.43/2002 - - - Dated:- 25-10-2016 - Mr. K.S. Jhaveri And Mr. Mahendra Maheshwari, JJ. Mr. Anuroop Singhi, for the appellant Mr. Anant Kasliwal, for the respondent. BY THE COURT Jhaveri, 1. By way of this appeal, the department has assailed the judgment order of the ITAT whereby the Tribunal has allowed the appeal preferred by the assessee and dismissed the appeal prefer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d amendment will have a retrospective effect on the date of search when the assessment was done and specific contention is that the Tribunal has considered law which was applicable on the date whereas the High Court should consider the law which is prevailing today for which he has strongly relied upon the decision of Supreme Court in the case of Bakhtawar Trust Ors. vs. M.D. Narayan Ors. reported in (2003) 5 SCC 298 in para 36, which reads as under:- 36.It is true that under Section 13, the method of framing of the Zonal Regulations is provided under which a maximum height of a building can be provided by the impugned Act. The legislature in its wisdom thought to provide a maximum height of a new building in the statute itself and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an appeal is continuation of the suit and the power of the appellate court is coextensive with that of the trial court. It failed to bear in mind that what could be done by the trial court in the proceeding of the suit, can always be done by the appellate court in the interest of justice. 5. Therefore, he contended that the law which was applicable today should be made applicable. 6. Counsel for the assessee/respondent Mr. A. Kasliwal has taken us to the order of AO and also the order of the CIT(A) and Tribunal so as to bring to our notice the bogus purchase and books of account more particularly, question to the assessee during the search wherein the exact argument which has been canvassed by the respondent was argued. He has taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeals succeed and are hereby allowed; setting aside the orders and directions made by the Tribunal in O.A. Nos. 186/94, and 961/95. C.A.No.10909/1996: 7. Another judgment in the case of M.A Murthy vs. State of Karnataka Ors. reported in (2003) 264 ITR 1 (SC) where while interpreting precedents, the Supreme Court has held as under:- The doctrine of prospective overruling, a feature of American law, was imported by the Supreme court to India. Prospective overruling is a part of the principles of constitutional canon of interpretation and can be restored to by the Supreme Court, whilc superseding the law declared by it earlier. It is a device innovated to avoid reopening of settled issues, to prevent multiplicity of proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emed that all actions taken contrary to the declaration of law prior to its date of declaration are validated. This is done in the larger public interest. In matters, where decisions opposed to the said principle have been taken prior to such declaration of law cannot be interfered with on the basis of such declaration of law. The amendments is applicable to future cases to avoid uncertainty as per the ratio laid down in the case of M.A. Murthy v. State of Karnataka; 264 ITR 1 SC, where it was observed that prospective overruling is a part of the principles of constitutional canon of interpretation and can be restored to by this Court while superseding law declared by it earlier. It is a device innovated to avoid the reopening of settled ..... X X X X Extracts X X X X X X X X Extracts X X X X
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