https://www.taxtmi.com/caselaws?id=70766 The Tribunal dismissed the departmental appeals and upheld the Dy. CWT (Appeals) decision in favor of the assessees. It emphasized the binding nature of Supreme Court decisions and circulars issued by the Board, directing income-tax authorities to follow updated legal interpretations. The Tribunal held that the Assessing Officer was obligated to allow the assessees' petitions under section 35 of the Wealth-tax Act based on the Supreme Court decision and the Board's circular, despite any delay in processing the petitions. en-us Wed, 05 Oct 1994 00:00:00 +0530 Tue, 19 Apr 2011 11:28:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70766 The Tribunal dismissed the departmental appeals and upheld the Dy. CWT (Appeals) decision in favor of the assessees. It emphasized the binding nature of Supreme Court decisions and circulars issued by the Board, directing income-tax authorities to follow updated legal interpretations. The Tribunal held that the Assessing Officer was obligated to allow the assessees' petitions under section 35 of the Wealth-tax Act based on the Supreme Court decision and the Board's circular, despite any delay in processing the petitions. Case-Laws Wealth-tax Wed, 05 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70766