https://www.taxtmi.com/caselaws?id=151656 The ITAT Chennai allowed the assessee's miscellaneous petition for rectification of mistake under section 254(2) of the Income-tax Act, based on subsequent decisions of higher courts. The Tribunal held that the subsequent law laid down by higher courts is binding for rectification purposes. The Tribunal confirmed the settlement of the issue by the Supreme Court, granting the assessee the benefit of deduction under section 10(10C) of the Income-tax Act. Consequently, the Tribunal modified the impugned order, dismissed the Revenue's appeal, and pronounced the order in court on March 5, 2010. en-us Fri, 05 Mar 2010 00:00:00 +0530 Tue, 11 Jun 2013 14:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151656 The ITAT Chennai allowed the assessee's miscellaneous petition for rectification of mistake under section 254(2) of the Income-tax Act, based on subsequent decisions of higher courts. The Tribunal held that the subsequent law laid down by higher courts is binding for rectification purposes. The Tribunal confirmed the settlement of the issue by the Supreme Court, granting the assessee the benefit of deduction under section 10(10C) of the Income-tax Act. Consequently, the Tribunal modified the impugned order, dismissed the Revenue's appeal, and pronounced the order in court on March 5, 2010. Case-Laws Income Tax Fri, 05 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151656