9911796707
TMI Blog2022 (2) TMI 273X X X X Extracts X X X X X X X X Extracts X X X X ..... case, though covered against it by the Tribunal's order in its' own case for assessment year 2005-06 (in ITA No. 228/Lkw/2010, dated 09/9/2010/PB pages 75-91), it was so only on account of non-appreciation of the facts of it's case. In fact, there had been no adjustment to the assessee's income, i.e., as has been sought to be made by the Revenue for the said year, up to assessment year 2004-05, whereafter only the Tribunal, following the order by it in another case (M.B. Cold Storage Pvt. Ltd., in ITA No. 680/Lkw/2009, dated 19/5/2010), confirmed the adjustment to the assessee's income, violating the principle of consistency. He was, however, on inquiry, unable to show the Revenue having, on examining the issue under reference, issued a finding upholding the basis of the recognition of income, i.e., without any adjustment either for revenue or expenditure, for any other year. The 'assessment' for AY 2008-09, as also for AY 2006-07, it was on inquiry clarified by him, to be not regular assessments, but only processing of the returns of income u/s. 143(1), and which explains the non-appeal for these intervening years. On the Bench further stating that it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has in fact moved the Hon'ble jurisdictional High Court under its' appellate jurisdiction, which though is unheard. 3.3. Continuing further, he would submit that what, thus, has been lost sight of by the Revenue, and 'accepted' by the Tribunal, is that the receipt inures to the assessee only after November 30, i.e., on December 1, or the removal of the produce, if earlier. The assessee is constrained both by custom as well as the terms of the contract, as indeed by the directions of the State Government and the District Authorities in the matter, which decide not only the 'rent' period, but also the rate/s as well as the time of the receipt aforesaid, and for which he would take the Bench to the documents substantiating the same, being the receipt issued by the assessee (PB pg. 58); the order dated 27/1/2009 by the Pr. Secretary, State Government (PB pg. 56); and the reply dated 22/6/2010 by the Potato Development Officer, Farukhabad to the assessee's letter of even date clarifying that cold storage charges are not recovered in advance (PB pg. 59). The directions by the Administration are principally to protect the interest of the small farmers, i.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, in fact, continues to hold the field, having been followed, and continues to be so to date, by the Apex Court as well as by the Courts and Tribunals across the country. The decision in Keshav Mills Ltd. vs. CIT [1963] 23 ITR 230 (SC), apparently applied by the Tribunal, he would continue, adverting to the relevant part thereof, in fact also holds like-wise, i.e., that the accrual of income is on the basis of the amount becoming due. The Tribunal, however, has omitted to consider that it is only on being 'legally due', as stated therein, that the right to receive inures, and proceeds to determine accrual of income on the basis that the assessee is following mercantile method of accounting, as was the case in M.B. Cold Storage (supra). The same is not to be confused, he would explain, with the due date of recovery of a debt, the right to receive which, even if at a later date, has already vested, as in the case of sale of goods on credit basis. In that case there is a transfer of property on the delivery of goods, resulting in accrual of the right to receive, which is though kept in abeyance for the period of the credit. It is, in that case, a subsequent discharge of an ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Investment Corporation Ltd. v. CIT [1997] 225 ITR 802 (SC); Rotork Controls (India) (P.) Ltd. v. CIT [2009] 314 ITR 62 (SC), Bharat Earthmovers v. CIT [2000] 245 ITR 428 (SC); and Calcutta Co. Ltd. vs. CIT [1959] 37 ITR 1 (SC) were cited out of memory, i.e., to impress the principle that expenditure, irrespective of being legally due or not, having been incurred, a provision in its respect is, in view of the matching principle, admissible. This is as the concept of income itself signifies only net income, i.e., net of expenditure there-against. That, in fact, it was added, is the whole basis of the concept and accounting for closing stock (as at the year-end). Shri Singh would, upon seeking time, respond by relying on the decision in Taparia Tools Ltd. vs. Jt. CIT [2015] 372 ITR 605 (SC), reading out the relevant part thereof, wherein the Apex Court, after considering and distinguishing the decision by it in Madras Indl. Inv. Corp. Ltd. (supra), held that an expenditure stands to be deducted on incurring the liability in its respect irrespective of any other consideration, including therefore the accrual or otherwise of the corresponding revenue, or the period of utilization of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee before it. The Tribunal, as apparent from a reading of its' order, merely proceeded to, in view of a perceived identity of facts, follow it's order in M.B. Cold Storage (supra). There has, consequently, been no consideration by the Tribunal either of the facts of the assessee's case or of the case law relied upon before it, with there being, again, nothing to show of any consideration of the case law relied upon before it by the Tribunal in M.B. Cold Storage (supra). The said orders by it are thus sub silentio qua the said decisions; rather, even the issue at hand, i.e., whether any part of the income by way of cold storage charges for the contract period ending November 30 (of the following year) accrues to the cold storage during the (relevant) previous year ending March 31 in the facts and circumstances of the case? As explained in State of UP vs. Synthetic and Chemicals Ltd. [1991] Scale (2) 110 [SCC (4) 139] (PB pgs. 45-68), a decision which is not express and is not founded on reasons nor it proceeds on a consideration of the issue, cannot be deemed to be the law decided so as to have a binding effect. 3.7. The hearing was closed at this stage, reject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arties before it is in appeal on the same issue for another year or in another case, a situation which stands rather contemplated and provided for by the statute for matters before the higher courts whose jurisdiction lies only in respect of matters of law; the findings of fact may not be finalized earlier and, in any case, liable to be challenged before the Tribunal. It is not for this Tribunal to insist either party for an early disposal of the matter by the Hon'ble High Court which, though in the interest of all concerned, is for the parties to decide. For the lower Court, which would, rather, ordinarily follow its' earlier decision, maintaining thus a status quo, it would suffice that the matter is pending adjudication by the higher Court, which was confirmed as so by Sh. Singh and, rather, is the basis of the argument by Sh. Kumar. The proposition is well-settled, and for which I draw support from the decision in K.N. Agarwal v. CIT [1991] 189 ITR 769 (All). Why, Sh. Kumar, as clarified from his answers to the queries by the Bench, had no objection to the appeals being heard were the earlier order by the Tribunal, upholding the Revenue's case, to be followed, and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven in the said order read as under: "8. We have considered the rival submissions and carefully gone through the material available on record. In the instant case it is noticed that the assessee is engaged in the business of running a cold storage which is a cyclic industry and the cycle starts with the storing of potatoes and ends with the return of stored potatoes. For storing the potatoes the assessee is charging rent. However, the rental income is accounted for at the time of uplifting of potatoes by the farmers. The cycle starts from the loading of the potatoes in the month of January to March. Thereafter, potatoes are stored for the month of April to September and lifting takes place from October to December. In the Income Tax matters, an income pertaining to a previous year is taxed in the assessment year, the previous year is defined in section 3 of the I.T. Act, 1961 which means the financial year immediately preceding the assessment year. In the present case, the assessment year is 2006-2007 which starts from 1 April 2006 and ends on 31 March 2007. The previous year, therefore, starts from 1 April 2005 and ends on 31st March, 2006. So in the instant case the taxable pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng credit entry in his books in favour of the creditor the same day. That is to say, the assessee would credit himself with the monies as soon as he became entitled to demand payment, though he has not in fact received them, and likewise, he would debit himself with the monies as soon as he became liable to pay, though he has made no payment then. The profit thus computed is, obviously, the profit earned, not realized, and similarly, the loss computed is the loss sustained not paid. 8.2 The Hon'ble Supreme Court in the case of Keshav Mills Ltd. vs. CIT (1953] 23 ITR 230 observed that the mercantile system of accounting or what is otherwise known as the double entry system is opposed to the cash system of book keeping under which a record is kept of actual cash receipts and actual cash payments, entries being made only when money is actually collected or disbursed. That system bring into credit what is due, immediately it becomes legally due and before it is actually received and it brings into debit expenditure in respect of which a legal liability has been incurred before it is actually disbursed. The profits or gains of the business which are thus credited are not realized ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2005 had been accounted for by the assessee since there was uplifting of 40,829 bags upto December, 2005, but no income related to 49,577 bags which got loaded from January, 2006 to March, 2006 had been shown. We are of the view that the Assessing Officer was fully justified in working out the income of Rs. 11,15,482/- which is required to be considered for year under consideration. At the same time, the assessee is entitled to the set off of the income which had already been included in this year, i.e., income from January to March, 2005. We, therefore, direct the Assessing Officer that the benefit of the aforesaid set off of the income is to be allowed against the addition made by him. Since the assessee had realized rent of Rs. 36,74,610/- for the potatoes uplifted in the financial year 2005-2006 which also included the period of 1 January, 2005 to 31 March, 2005, therefore, the assessee is entitled to the set off of Rs. 9,18,652/- (1/4th of Rs. 36,74,610/-) against the addition of Rs. 11,15,482/- (1/4th of Rs. 44,61,930/-) which has been worked out by the Assessing Officer out of rent realized at Rs. 44,61,930 for 49,577 bags loaded in the financial year 2006-2007. The said i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nature as warehousing, where the main essence of the transaction is letting out of storage space having appropriate facilities for preservation of goods. The income from cold storage is in the nature of rental income and should be accounted during the currency of the period for which goods are agreed to be stored therein. This is not only in accordance with the accrual system of accounting but also the 'matching concept' which requires that costs should be accounted for in such quantum and period which is directly related to be income for which they are being incurred. The reverse also holds true. Therefore, since the costs are being incurred on the cold storage facility throughout the currency of the period for which it is let, the total rental received for the same should also be accounted for as income on a period on proportionate basis. In the case of the assessee company, the income of cold storage rent is charged for one complete cycle irrespective of the period for which the potato was kept in the cold storage. Thus, as the rent is directly related to the complete cycle period or say season the income should be proportionately apportioned on the basis of the period o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thus, its' case, which remains the same. Further, even as there is again no finding by the Tribunal qua the same, as it appears from the Revenue's case before it, the cold storage charges being an income in the nature of rent weighed with the Tribunal in deciding in the manner it does. In which case, the issue arising for it's consideration would be as to whether an income in the nature of rent (on which there is it is emphasized no finding by the Tribunal), i.e., a period income, would accrue over time, independent and irrespective of the contract between the parties. And which bring us back to the terms of said contract, conspicuous by any reference in it's orders by the tribunal, as indeed the delineation of issue afore-stated. Viewed from any angle, thus, its' orders are distinguishable, and cannot per se be regarded as binding precedents; rather, a binding president inasmuch as the latter order merely follows the earlier one. Further still, there is also no consideration of the case law relied upon by the assessee before the Tribunal, which has been aplenty, for which reference is drawn to para 10 (pg. 12) and para 5 (pg. 14) of its' orders in the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n into account. This fact stands also dwelled upon at length by the AO, being supportive of his case, even as the primary reason for making an adjustment (to the assessee's returned income) in assessment is the non-accounting of the rent income 'accrued' during the year, i.e., to the proportionate extent. In sum, therefore, the decision by the Tribunal is predicated on the hire charged by the assessee, or the cold storages in general, as qualifying to be in the nature of rental income, which is charged per unit of time or, being charged for a period of time, could be so imputed, so that, either way, it inures or arises proportionately, i.e., in the proportion of time and, accordingly, is liable to be accounted for or recognized as income on time basis. This is as in such a case 'time' becomes the basis, the essential ingredient, for which the charge is made, as for ten months, beginning February 01, up to November 30, of the current year in the instant case, which though happens to fall in two previous years corresponding to two consecutive assessment years, resulting in the controversy over the year in which the income of the fourth quarter of the financial (pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notes a passive income arising on the letting of or making available one's resource, as house property (say), to another, inasmuch as cold storage involves preservation of the goods stored, entailing processes alongside and in addition to storing the goods and, thus, use of house property to that extent. However, the said processes, as refrigeration, or labour for maintenance or other minor processes that may be required, though essential, being only toward the said preservation, are again incurred in relation to time, or principally so. Why, even in case of rental income, the owner may be obliged to carry out repairs to, or otherwise incur expenditure for the upkeep of, the house property let - and which are, rather, not linearly related to time, so that the said income may also not be wholly passive in nature, but principally so. In fine, the income under reference has all the incidents of a period income, even if payable (or receivable) at the end of the period. No wonder the hire charge is raised for a defined period per unit (of quantity), as per bag (of potatoes) inasmuch as the same consumes a definite space. Both the elements of rent, i.e., making available a resource, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed, consequently, by an analysis of the relevant facts, i.e., discerned as material for its determination, preceded by their statement, much less, therefore, a finding in the matter, explaining the rationale of its' decision, that would throw light on the principle/s applied and, further, constitute the ratio decidendi of its' decision, attracting the doctrine of precedence. This is the subject matter of well-settled law, explained once again in the context of a case under the Act by the Apex Court in Mavilayi Service Cooperative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC), to which therefore reference is drawn. While holding that it is only the ratio decidendi of a judgment that is binding as a precedent, it explains that it is the statement of the principles of law applicable to the legal problem disclosed by the facts that alone is the binding ratio of a case. And that the judgment itself, based on the combined effect of the statement of the principles of law applicable to the material facts of the case cannot be described as the ratio decidendi of the judgment. Nor can, it further explains, it be said that it (ratio decidendi), which alone has to be given effect, would fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds regularly followed; each year being a separate unit of assessment and, further, income of a particular year is liable to be taxed in that year. It is not the method of accounting, nor indeed the passing or non-passing of the accounting entries, that determines whether an income has accrued or not, which depends on the satisfaction or otherwise of the test of accrual in the given facts and circumstances, requiring, thus, the delineation, followed by consideration, of the material facts. As explained per its' several decision by the Apex Court, rather than being determinative of the fact of accrual, once an income has accrued, necessary accounting entry is to be passed in the books of account, booking the said income, where the method of accounting is mercantile (viz. CIT v. Chuni Lal Mehta [1971] 82 ITR 54 (SC); Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 835 (SC); CIT v. Birla Gwalior (P.) Ltd. [1973] 89 ITR 266 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC); Godhra Electricity Co. Ltd. v. CIT [1997] 225 ITR 746 (SC); Taparia Tools Ltd. (supra)). As such, rather than being the 'cause', an accounting entry booking income in accounts is the 'eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion of which is thus enjoyed by the tenant from day to day, or letting of machinery, which is thus at the disposal of the recipient of the services. That is, no right to user arises to the customer, which is fundamental to 'rent'. This aspect stands also considered by the Board in regarding cold storage charges as not 'rent', i.e., for the purposes of TDS, as no right to use any specific portion of the cold storage arises to the customer, who therefore cannot be regarded as 'tenant'. In the instant case, on the other hand, services, which include, besides storage, refrigeration and, as explained by Shri Singh during hearing, manual reshuffling of the potatoes from time to time, though required to be and, thus, carried out and, further, only evenly over time, cannot be said to be 'availed of' or 'received' by the farmer, who has only contracted to receive the goods (potato) at the beginning of the marketing season in October-November, so that his potato is to be necessarily preserved by the cold storage up to that time, i.e., as clarified, latest by November 30. It is therefore only on the preservation of potatoes, i.e., in good, marketable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is of no particular value or significance as far as the 'buyer' (customer) is concerned inasmuch as there is no deliverable to him at any time anterior to the completion of the contract by the 'seller' (vendor). Income, it may be appreciated, can only flow from another and, accordingly, requires for its accrual, incurring corresponding liability by him. Reference here may be made to the decision in CIT vs. Excel Industries Ltd. [2013] 358 ITR 295 (SC), wherein the Apex Court referred to its decisions in Birla Gwalior (P.) Ltd. (supra); CIT v. Shoorji Vallabhdas & Co. [1962] 46 ITR 144 (SC); Morvi Industries Ltd. v. CIT [1971] 82 ITR 835 (SC); Jodha Mal Kuthiala (R.B.) v. CIT [1971] 82 ITR 570 (SC), among others, to hold as under: 'It is well-settled that income-tax cannot be levied on hypothetical income. Income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay the amount. Only then can it be said that for the purpose of taxability that the income is not hypothetical and it has really accrued to the assessee.' 7.5. It could, I am conscious, be argued that the goods (potato) lying with the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... argument is that the cold storage is assured of the realization of the debt qua cold storage charges at all times, but that by itself is no reason to prepone the accrual of income. I say 'at all times' as no one would, at least ordinarily, incur more cost on storage than the value of the goods stored, more so where the same are perishable in nature. 7.6. There is, as such, in the given facts and circumstances, i.e., the nature and peculiarities of the contract, including the essence of time, no accrual of income (cold storage charges) over time, and no right to receive the same accrues, much less vests in the assessee on the part performance of the contract. Answering thus the issue arising (refer para 7.4), i.e., in the negative. No adjustment qua any part of the gross revenue for the business cycle/contract period (February-November) is to be made for the year ending March. No corresponding adjustment, consequently, is to be made for the preceding business cycle. Of course, I may hasten to add that it is equally permissible for the parties to agree differently, in which case the same would prevail. Here it may be relevant to refer to Calcutta Co. Ltd. (supra). In the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the taxable territory. The significance of the said decision in-so-far as the present decision is concerned is where the Apex Court explains the accrual system of accounting, contrasting it with the cash system. In its words: (pg. 239) 'That system brings into credit what is due, immediately it becomes legally due and before it is actually received and it brings into debit expenditure the amount for which a legal liability has been incurred before it is actually disbursed.' This, however, is not in issue in the instant case, being rather a part of the well-settled law and, in fact, representing a common ground between the parties. That apart, the Tribunal does not, with respect, state as to when, therefore, the cold storage charges become legally due to the assessee in the facts and circumstances of the case, which, where so, would have in all probability; the facts being not disputed, led it to an acceptance of the assessees's case. 7.7. The question that arises next is if any adjustment qua expenditure, primarily direct expenditure, being, as explained by Shri Singh during hearing, as principally on labour, fuel and power, incurred during the period February-Marc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fer revenue expenditure over future years which brings in the concept of deferred tax accounting. In such context only it cannot be said that the concept of accrual is limited to one year. The matching concept is a principle for recognizing costs (expenses) against revenues or against the relevant time period in order to determine the periodic income. This principle is an important component of accrual basis of accounting. The object of another accounting standard, viz. AS 22 is to reconcile the matching principle with the fair valuation principles. It may be noted that recognition, measurement and disclosure of various items of income, expenses, assets and liabilities is done only by Accounting Standards and not by the provisions of the Companies Act. The concept of timing difference introduced by AS 22 is of no help to the assessee here. This has to be read with the concept of deferred revenue expenditure and is a subject matter of different contemplation altogether. The provisions of s. 154(1A) and other appellate effect provisions are sufficient to rectify the apparent distortions of subsequent years and create a true picture of profits of the assessee." It is therefore inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thus, liable to be adjusted where the goods remain unsold, i.e., in stock, as at the year-end? It is incorrect to say, the Apex Court explained in Chainrup Sampatram vs. CIT [1953] 24 ITR 481 (SC), that the closing stock itself is a source of profit or income. It is only on properly accounting therefor that the correct profit or, as the case may be, loss of the business for the accounting period can be determined, as only the cost in respect of goods sold, i.e., income qua which only had accrued, could be properly setoff there-against to ascertain the income on the sales during the accounting period. The concept of stock accounting is independent of the method of accounting, as explained by the Apex Court in CIT vs. Krishnaswami Mudaliar A. [1964] 53 ITR 122 (SC), also referred to by the Bench during hearing, which was a case where cash system of accounting was being followed by the assessee. In its' words: 'Whichever method of book-keeping is adopted, in the case of a trading venture, for computing the true profits of the year the stock-in-trade must be taken into account. If the value of the stock-in-trade is not taken into account, in the ultimate result the profit or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent dichotomy between the Taparia Tools Ltd. (supra) and Madras Indl. Inv. Corp. Ltd. (supra). The expenditure liable to be claimed as deduction is in the period when it is incurred and not the period to which it relates, even as clarified in Calcutta Co. Ltd. (supra). This also agrees with the concept of conservatism, a fundamental accounting assumption. Future being uncertain, such expenditure is ordinarily not carried forward, and it is only in exceptional circumstances, as where there is no relation between the expenditure and the income for the relevant period, causing a material mismatch, that the said expenditure is deferred in accounts, the prime example being advertisement expenditure. One may not, if only to eschew digressing from the issue at hand, dwell further in the matter. Suffice to state that accounts being prepared on a 'going concern' basis, expenditure on an activity or provision of resource would be sought to be correlated, to the extent possible, for being charged to the operating statement of the period to which the revenue from the said activity or the corresponding utilization of the resource is recognized in accounts, so as to enable ascertaining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch expenditure for the immediately preceding year 7.8. I decide accordingly. In sum 8.1. The instant case raises a very interesting question for the consideration of this Tribunal, i.e., whether income in the nature of interest, rent, etc., i.e., period income, which is principally a function of time and, thus, inures with it, would accrue to the service provider with the lapse of time or only in terms of the underlying contract. Accrual of income being, it being well-settled, on the accrual or the vesting of the right to receive it, it is opined that it would be so only on the basis of the contract defining the rights and obligations of the parties inter se, so that the principle of accrual would apply to a period income as well. The matter is found to be governed by, inter alia, the decision in E.D. Sassoon & Co. Ltd. (supra), wherein the terms 'accrue' and 'arise' stand explained to indicate, in contradistinction to 'receive', as the 'right to receive'. Further, in the context of the facts of that case, the Hon'ble Court held that on a true construction of the managing agency agreement, also referring to sec. 219 of the Contract Act, the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the profit of one period being transferred to another; that being the premise of stock accounting for a going concern. Further, the matter having been subject to the orders by the Tribunal on earlier occasions, including in the assessee's own case for an earlier year, which were by its' Division Bench, the same were relied upon and pleaded for being followed, being, as argued, binding on a SMC Bench. It was, however, found that there had been no statement of the general principle/s of law nor indeed of the issue or the legal problem arising, with even the relevant facts, material to the decision, being not as presented before the Tribunal - which can only decide on the basis of the facts brought forth based on the material on record, on the earlier occasions, which orders were thus sub silentio the relevant aspects/issues. Why, even in the instant appeals, the appellant's case, as presented, was not with reference to the accrual or otherwise of rental income in the given facts and circumstances of the case, i.e., as presently discerned by the Tribunal, resulting, consequently, in the statement of a different issue or legal problem arising for adjudication, i.e., fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ratio qua the secondary issue is that it is the profit of the business that is relevant from the standpoint of income determination, and which therefore would require the application of concept of closing stock (as also opening stock) in respect of the concomitant expenditure, i.e., even where the revenue generating activity is principally in the nature of services. The legal principle at work here is that it is the income of the relevant year alone that is to be ascertained and brought to tax for that year, and which is necessarily requires application of the concept of closing stock, and its non-application or undervaluation of closing stock (or overvaluation) would lead to transfer of profit/loss of one period to another. Reliance is principally placed inter alia, on Chainrup Sampatram (supra); Calcutta Co. Ltd. (supra); and British Paints India Ltd. (supra). 8.3. Each of the several decisions by the Apex Court referred to in this order is only to bring forth the well-settled principle/s of law explained and elucidated by it in fact per, rather, a series of decisions, so that they comprise the law of the land and, in fact, stand followed by the Hon'ble High Courts across ..... X X X X Extracts X X X X X X X X Extracts X X X X
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