1982 (10) TMI 117

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..... essee for the asst. yrs. 1978-79 and 1979-80 were completed by the then ITO, A-ard, Akola on 31st Dec., 1979. During these two years interest amounting to Rs. 16,789 and Rs. 5,931 respectively were paid to Shri Girish Gangadhar Agarwal on amounts deposited with the assessee firm in his individual capacity. According to the CIT, Shri Girish Gangadhar Agarwal was a partner of the firm and, therefore .....

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..... o. (1975) 100 ITR 246 (Bom) and the ITAT Nagpur Bench decision in the case of M/s Panna Lal Hiralal and Company (ITA No. 415/Nag/77-78 dt. 11th Aug., 1978). The CIT rejected the connection of the assessee and holding that the orders passed by the ITO were erroneous and prejudicial to the interest of the Revenue directed the ITO to modify the assessments disallowing the amounts of Rs. 16,789 and Rs .....

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..... ority, the subordinate authority is bound to follow this decision. Hence, an order passed by the ITO following the decision of the Tribunal cannot be held to be erroneous and such an order cannot be revised. The ld. Deptl. Rep. On the other hand, justified the order passed by the CIT under s. 263 of the IT Act. 4. We have carefully considered the fact and circumstances of the case and the submis .....

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