9911796707
TMI Blog2022 (5) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... al High Courts, namely, which have not expressed any opinion for or against - on that point. Once the jurisdictional High Court decides a particular issue in a particular manner, that manner has to be mandatorily followed by all the authorities acting under it so long as it holds the field and is not deactivated by the Hon ble Supreme Court. In that view of the matter, we are bound to follow the view taken by the Hon ble jurisdictional High Court in in Prakash [ 2008 (9) TMI 234 - BOMBAY HIGH COURT ] therefore, hold that the authorities below were justified in denying the benefit of exemption u/s 54 of the Act. Assessee appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased by the assessee in the name of his wife, Ms. Smita Jaywant Sutar. He, therefore, denied the exemption, which action came to be echoed in the first appeal. 5. I have heard the ld. DR and gone through the relevant material on record. There is no appearance from the side of the assessee despite notice. As such, I am proceeding to dispose of the appeal ex parte qua the assessee on merits. 6. It is an admitted position that the assessee transferred some property resulting into capital gain and the exemption was claimed u/s.54 of the Act which has been denied by the authorities on the ground that the new property was purchased in the name of the assessee's wife. The ld. CIT(A), while affirming the order passed by the AO, has relied o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court did not grant the benefit of exemption u/s 54B to that extent. 9. Ergo, it is overt that the decisions have been rendered at variance by the two sets of the Hon'ble High Courts - one in favour of the assessee and other in favour of the Revenue. It goes without saying that the decision of a High Court is binding on the all subordinate Courts and authorities or Tribunal under its superintendence throughout the territories in relation to which it exercises jurisdiction within the terms of Article 227 of the Constitution of India. When discordant views are rendered by different High Courts, an inferior authority under one of such High Courts is bound to follow its jurisdictional High Court notwithstanding that the other view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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