Hearing before Supreme Court - Section 262 - Income Tax - Ready Reckoner - Income Tax

Hearing before Supreme Court - Section 262 The Supreme Court after hearing any such case shall decide the question of law raised therein and shall deliver its judgement thereon containing the grounds on which such decision is founded. Where the judgement of High Court is varied or reversed in appeal, effect shall be given to the order of the Supreme Court in the manner provided in section 260A in the case of a judgement of the high Court. Nothing in this section shall be deemed to affect the provisions of section 260(1) or section 265 . The costs of the appeal shall be in the discretion of the Supreme Court. Where the judgment of the High Court is varied or reversed in the appeal, effect shall be given to the order of the Supreme Court in the manner provided in section 260 in the case of a judgment of the High Court. Notes:- Though the effect of Supreme Court decision is not retrospective, in the sense of a retrospective statutory amendment, the legal position as explained by the Supreme Court has to be considered as always existing. [Chandi Ram v ITO 1995 (12) TMI 6 - Rajasthan HC ] It was not open to the Revenue to accept the earlier decision in the case of one assessee and challenge its correction without just cause in case of other assessee. [Union of India v Kaumundini Narayan Dalal 2000 (12) TMI 101 - SC ]