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TMI Blog1984 (7) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... 72-73 was reopened under section 147(b) of the Income-tax Act, 1961 ('the Act'), by the ITO for withdrawing the deduction of foreign exchange entitlement certificate charges in computing the interest income of the assessee from fixed deposits in Sri Lanka. By an order dated 5-7-1979, the Tribunal found that the foreign exchange entitlement certificate charges were not incurred for the purpose of e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iction. The revenue has opposed this application. 2. On consideration of the rival submissions, we are of the opinion that this application cannot be allowed for more than one reason. Firstly, it must be remembered that the decision of the Supreme Court is the law of the land under article 141 of the Constitution of India and the Tribunal having followed the decision of the Supreme Court, it cann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 903, that a decision in a case once adjudicated upon and acquiesced in, may not be questioned in a fresh litigation revived only with the argument that the correct position was not known at the time when he abandoned his own litigation. The Supreme Court has further observed that in such a situation, there is no question of any mistake of law. It also appears to us that what the assessee actually ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. It may be that there was some lapse in the registry of the Tribunal in that this application was not posted for hearing before the expiry of four years time limit prescribed in the section. But, then the statute is clear and we do not think it is possible to exercise the power after the expiry of the period of limitation prescribed. Our attention is drawn to the order of the Cochin Bench of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riage of justice and in anticipation of a court directing the Tribunal to correct the mistake, the rectification was carried out. But, in the facts of the present case on the merits, it has been held that some income had escaped taxation and, therefore, any rectification of the decision of the Tribunal with regard to the jurisdiction under section 147 would only lead to the result of cancelling th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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