TMI Blog2021 (6) TMI 1084X X X X Extracts X X X X X X X X Extracts X X X X ..... w is finally settled by the Supreme Court in a contentious issue such as the one presented in the instant case, the said law has necessarily to be applied by the assessing authorities under the IT Act who are bound by it. It cannot be the stand of the Department that an assessee, who is aggrieved by an assessment order passed ignoring the binding judgment of the Supreme Court, has nevertheless an alternate remedy by way of an appeal before the first appellate authority under the statute. An erroneous assessment occasioned by ignoring a binding judgment of the Supreme Court cannot be trivialized as an order against which an appellate remedy lies that would provide justice to an assessee. We, therefore, set aside the judgment of the lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment for the year 2018-19 under the IT Act (hereinafter referred to as the 'IT Act'), the petitioner, who is stated to be a primary agricultural credit society, impugned the assessment order inter alia on the ground that, while completing the assessment, the AO had completely ignored the directions issued by the Supreme Court in The Mavilayi Service Co-operative Bank Ltd. Ors. vs. CIT (2021) 318 CTR (SC) 609 : (2021) 197 DTR (SC) 361 : 2021 (1) KLT 485 that reversed a judgment of a Full Bench of this Court and outlined the manner in which the provisions of s. 80P(2) and (4) of the IT Act had to be interpreted while completing assessments of primary agricultural credit societies under the IT Act. In the writ petition, it was the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner had an effective alternate remedy by way of an appeal before the first appellate authority under the IT Act. Indeed, it is also the case of the learned standing counsel for the IT Department that we should not disturb this finding of the learned Single Judge as the same is perfectly legal and cannot be faulted, in law. He also submits that the judgment of the Supreme Court in Mavilayi (supra) was not available with the AO and that he had referred to it only from the reply given by the assessee. 3. While, under normal circumstances, we would not have interfered with the said judgment of the learned Single Judge, inasmuch as this Court would ordinarily be loath to interfere with assessment orders unless they are vitiated by an error ..... X X X X Extracts X X X X X X X X Extracts X X X X
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