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TMI Blog2015 (7) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... a provision for review. But the power of Court to review contains the following restriction as to the fact that the decision on a question of law on which the judgment of the Court is based has been reversed or modified by the subsequent decision of a superior Court in any other case, shall not be a ground for the review of such judgment. Thus Tribunal was justified in reversing the order passed in exercise of section 154 by the Assessing Officer. - Decided in favour of assessee. - G.A.No.222 of 2014, ITAT NO.16 OF 2014, ITA No.28 of 2014 - - - Dated:- 16-1-2015 - GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. For The Appellant : Mr.P.K.Bhowmik,Advocate For The Respondent : Mr.J.P.Khaitan,Sr.Advocate Mr.S.Basu,Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vik Asia Ltd. v. CIT reported in (2006) 280 ITR 643 wherein interest upon interest was allowed. Mr.Bhowmik contended that since the law has been modified by the judgement in the case of Gujrat Fluro Chemicals (supra ) the assessing officer was entitled to exercise jurisdiction under section 154. Mr.Khaitan, learned Senior Advocate appearing for the assessee/respondent submitted that the judgement in the case of Gujrat Fluoro Chemicals(supra) has not noticed an earlier judgement of the Supreme Court of equal strength in the case of CIT v. HEG LTD (SC) reported in (2010) 324 ITR 331 SC wherein following views were taken : The next question which we are required to answer is what is the meaning of the words refund of any amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... But in the case of HEG Ltd.(SC) Their Lordships construed the meaning of the words amount due appearing in section 244A of the Income Tax Act and came to the conclusion that the interest becomes part of the amount due. In any event, the fact that the decision on a question of law on which the judgement is based has been reversed or modified by any subsequent decision of a superior court cannot be a ground for exercise of power under section 154 of the Income Tax Act. Reference in this regard may be made to a Division Bench judgement of this Court in the case of Jiyajeerao Cotton Mills Ltd. v. ITO reported in (1981) 130 ITR 714 wherein the following views were taken : We are, however, unable to accept the contention of Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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