9911796707
TMI Blog2024 (3) TMI 619X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order was passed, in our view, respondent no. 2 should be given an opportunity to apply the law as laid down by the ITAT. It will be useful to reproduce paragraph 14 of the judgment of this Court in Indusind Bank Ltd.[ 2023 (7) TMI 135 - BOMBAY HIGH COURT] As revenue submitted that the order of the ITAT for Assessment Year 2016-2017 and 2017-2018 has been challenged in this Court by way of an appeal which is still pending. Further submitted that, therefore, the Revenue has not accepted the findings of the ITAT. The Apex Court in Union of India and Ors. V/s. Kamlakshi Finance Corporation Ltd. [ 1991 (9) TMI 72 - SUPREME COURT] held that the mere fact that the order of the appellate authority is not acceptable to the department- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of promoting, advancing and protecting trade, commerce and industry in India. It has been regularly filing return of income since its inception. According to petitioner, it qualifies for claiming exemption under Section 10(23C) (iv) of the Act. 3. Petitioner states that the Central Government had notified petitioner as an institution qualifying for this exemption for Assessment Year 1977-1978 to 2000-2001. Thereafter, upto Assessment Year 2008-2009, Revenue has granted it exemption under Section 11 of the Act as a charitable institution. 4. Respondent no. 2 rejected petitioner s application for grant of approval under Section 10(23C) (iv) of the Act for Assessment Year 2014-2015 primarily by invoking the provisions of proviso to Section 2( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by ITAT for subsequent Assessment Years from 1998-99 onwards were passed after the order of the Settlement Commission. These submissions of Mr. Suresh Kumar are not acceptable. The Hon ble Apex Court in Assistant Commissioner of Income Tax, Rajkot vs. Saurashtra Kutch Stock Exchange Ltd. has held that a judicial decision acts retrospectively. The Judges do not make law, they only discover or find the correct law. The law has always been the same and if a subsequent decision alters the earlier one, the later decision does not make a new law. It only discovers the correct principle of law which has to be applied retrospectively. The Hon ble Apex Court held that even an earlier decision of the court operated for quite sometime, the decision re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rect principle of law which has to be applied retrospectively. To put it differently, even where an earlier decision of the Court operated for quite some time, the decision rendered later on would have retrospective effect clarifying the legal position which was earlier not correctly understood. Salmond in his well-known work states; the theory of case law is that a judge does not make law; he merely declares it; and the overruling of a previous decision is a declaration that the supposed rule never was law. Hence any intermediate transactions made on the strength of the supposed rule are governed by the law established in the overruling decision. The overruling is retrospective, except as regards matters that are res judicata or accounts t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and that, if it was accepted, the Revenue would suffer. But what Sri Reddy overlooks is that we are not concerned here with the correctness or otherwise of their conclusion or of any factual mala fides but with the fact that the officers, in reaching in their conclusion, by passed two appellate orders in regard to the same issue which were placed before them, one of the Collector (Appeals) and the other of the Tribunal. The High Court has, in our view, rightly criticised this conduct of the Assistant Collectors and the harassment to the assessee caused by the failure of these officers to give effect to the orders of authorities higher to them in the appellate hierarchy. It cannot be too vehemently emphasised that it is of utmost importance ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
