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TMI Blog2023 (4) TMI 1385X X X X Extracts X X X X X X X X Extracts X X X X ..... 617 - SUPREME COURT ] held that payment towards employee s contribution to P.F. / E.S.I.C. after the due date prescribed under the relevant statute is not allowable as a deduction under section 36(1)(va) of the Act. We find that in ACIT v/s Saurashtra Kutch Stock Exchange [ 2008 (9) TMI 11 - SUPREME COURT ] held that non-consideration of the decision of the Hon ble Jurisdictional High Court or the Hon ble Supreme Court can be said to be a mistake apparent from record which can be rectified under section 254(2) We find that in Lakshmi Sugar Mills Co. Ltd. [ 2012 (6) TMI 39 - DELHI HIGH COURT ] held that where the Larger Bench of the Hon ble Supreme Court overrules its earlier decision on which the Tribunal relied on, the said decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act due to delayed payment towards employee's contribution to Provident Fund (P.F) / Employees State Insurance Corporation (E.S.I.C.). Therefore, it was submitted that in light of the aforesaid decision of the Hon'ble Supreme Court, the order passed by the Tribunal may be recalled under section 254(2) of the Act for a fresh hearing on the merits of the case. 3. On the contrary, the learned Authorised Representative for the assessee ("learned A.R.") vehemently opposed the prayer for recalling the order. 4. We have considered the rival submissions and perused the material available on record. We find that the issue on merit before the Co-ordinate Bench of the Tribunal in assessee's appeal was regarding the disallowance on account of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under:- "42. In our judgment, it is also well-settled that a judicial decision acts retrospectively. According to Blackstonian theory, it is not the function of the Court to pronounce a 'new rule' but to maintain and expound the 'old one'. In other words, Judges do not make law, they only discover or find the correct law. The law has always been the same. If a subsequent decision alters the earlier one, it (the later decision) does not make new law. It only discovers the correct principle of law which has to be applied retrospectively. To put it differently, even where an earlier decision of the Court operated for quite sometime, the decision rendered later on would have retrospective effect clarifying the legal positi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Constitution of India, can be a basis for rectifying the order under section 254(2) of the Act. We are of the considered opinion that in view of the aforesaid findings of the Hon'ble Supreme Court in Saurashtra Kutch Stock Exchange (supra), as noted in para 42-44 of the judgment, the answer to this issue is affirmative. We find that the Hon'ble Delhi High Court in Lakshmi Sugar Mills Co. Ltd. v/s CIT, [2012] 22 taxmann.com 300 (Del.) held that where the Larger Bench of the Hon'ble Supreme Court overrules its earlier decision on which the Tribunal relied on, the said decision of the Tribunal can be rectified under section 254(2) of the Act since the decision of the Hon'ble Supreme Court operates retrospectively. 8. Therefore, re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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