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of <h1>Court dismisses income tax appeals citing precedent; Section 45(5) of Income Tax Act pivotal</h1> <h3>The Commissioner of Income Tax Versus Shri Prem Singh</h3> The Court dismissed all income tax appeals based on precedent, as the issues raised were previously addressed in earlier judgments. The interpretation of ... - Issues involved: The judgment deals with the interpretation of Section 45(5) of the Income Tax Act, 1961 and whether the amendment to this section affects the outcome of the appeals.Interpretation of Section 45(5) of the Income Tax Act, 1961: The counsel for the assessees argued that the question of law raised in the appeals is similar to a previous decision by the Court. The revenue's counsel contended that the amendment in Section 45(5) was not considered in the previous judgment. However, the Court noted that the Division Bench had already addressed the amendment in a previous case and ruled in favor of the assessee. The Court also referenced a judgment by the Karnataka High Court and a Supreme Court decision to support its conclusion. Ultimately, the Court found that the question raised in the appeals aligns with previous decisions and dismissed all the appeals accordingly.Conclusion: The Court dismissed all the income tax appeals based on the precedent set by a previous decision, emphasizing that the issues raised in the present appeals were already addressed in earlier judgments.
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