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TMI Blog1992 (8) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... ersed by the Supreme Court, then whether that decision of the jurisdictional High Court should be followed or not? The return was delayed by 16 months. The penalty order shows that the assessee had explained before the ITO that the return was filed in terms of the circular issued by the CBDT and, therefore, the immunity should be allowed. In the written submissions, the assessee has stated that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he second point before the Commissioner was that on the assessment the assessee was entitled to refund, so no penalty was leviable. Relying on the decision of the Andhra Pradesh High Court in the case of Vijay Builders (1984) 19 Taxman 60 (AP), this argument was also rejected on the ground that the penalty was to be calculated as URF relying on the Full Bench decision of the Patna High Court in Ja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of CIT vs. Reshamwala Market (ITR No. 1 of 1985 dt. 12th Dec., 1989) is based on the decision in the case of Addl. CIT vs. I.M. Patel Co. 1977 CTR (Guj) 320 (FB) : (1977) 107 ITR 214 (Guj) which had been overruled by the Supreme Court in CIT vs. I.M. Patel Co. (1992) 105 CTR (SC) 195 : (1992) 196 ITR 297 (SC) and that, therefore, the said decision of the Gujarat High Court in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gujarat High Court has confirmed the Tribunal's decision which is directly and clearly based on the decision in the case of I.M. Patel, but in taking a decision that we should not follow the Hon'ble Gujarat High Court's decision, a precedent would be laid down for many future cases where it may not be clear whether a certain decision of the jurisdictional High Court has been overruled or not. In s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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