High Court dismisses tax appeal, deferring to Supreme Court precedent. No further legal question.

The High Court dismissed the tax case appeal, citing the Supreme Court's previous decisions that had already settled the issue raised in the present case. The High Court held that since the matter had been conclusively decided by the Supreme Court in earlier cases, there was no legal question requiring further consideration.

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Issues:
1. Claim for deduction of amounts retained by clients in contract business for impugned assessment year.

Analysis:
The respondent-assessee, engaged in contract business, claimed a deduction for amounts retained by clients as per contracts in the memo of income. The original authority, considering a decision of the High Court, declined the claim due to the pending issue before the Supreme Court and its recurring nature. However, the Commissioner of Income Tax (Appeals) allowed the appeal based on the High Court's decision, which was upheld by the Tribunal. The Tribunal's order, challenged before the High Court, was based on the binding nature of the High Court's decision on them.

Upon admission, it was revealed that the Supreme Court had dismissed a Special Leave Petition by the department against the High Court's decision in a similar case. The High Court noted that the issue raised in the present appeal had already been decided against the department by the Supreme Court in previous cases, emphasizing that no question of law arose for consideration. Consequently, the tax case appeal was dismissed based on the Supreme Court's previous judgments in similar matters.

In conclusion, the High Court dismissed the tax case appeal, citing the Supreme Court's previous decisions that had already settled the issue raised in the present case. The High Court held that since the matter had been conclusively decided by the Supreme Court in earlier cases, there was no legal question requiring further consideration.

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