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TMI Blog2004 (5) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of the assessee as it was assessed for the year under consideration on a loss of ₹ 15,40,450. Therefore, the question posed before us was whether the penalty for concealment is leviable in a case where an assessee has been assessed on a figure of loss. 3. We find that the Tribunal decided this issue in the case of Dy. CIT v. Galaxy Dyeing Printing Mills (P.) Ltd. [IT Appeal No. 3331 (Mum.) of 1997, dated 9-3-2004]. It is pertinent to note that while deciding this issue, the Tribunal followed the judgment rendered by the Apex Court in the case of CIT v. Pritipal Singh Co. (2001) 249 ITR 670. The Tribunal also took note of the decision rendered by the jurisdictional High Court in the case of CIT v. Chemiequip Ltd. (200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Nadar v. State of Tamil Nadu (2003) 263 ITR 658. 5. We have gone through the facts of the case cited by the learned DR. In this case the Constitutional validity of the Madras City Tenants Protection (Amendment) Act, 1996 was challenged. When the matter came up for hearing before the Division Bench, reliance on behalf of the respondent in the High Court was placed on the Division Bench decision of the High Court. SLP was filed against the decision of the Division Bench. The Apex Court dismissed the appeals on the ground that State of Tamil Nadu was not made a part in the Special Leave Petition. It was held that a challenge to the Constitutional validity of the Act cannot be considered or determined, in the absence of the concerned State ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the appeal arose, merges with that of the Supreme Court. In such a case, the Supreme Court upholds the decision of the High Court or the Tribunal from which the appeal is provided under clause (3) of the article 133 of the Constitution. 8.As per the mandate of article 141of the Constitution, all Courts in India are bound to follow the decision of the Supreme Court. What is binding is the ratio of the decision. The doctrine of binding precedent has an import of permitting a modicum of certainty and consistency in judicial decisions. The theory of judicial precedents has an intrinsic internal and interrelated judicial strength, in the process of underlying thread of judicial discipline. Precedents, as observed by Lord Macmillan, should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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