https://www.taxtmi.com/caselaws?id=179805 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order to treat interest subsidy and excise duty refund as capital receipts, based on the jurisdictional High Court's ruling. The Tribunal affirmed the applicability of Section 154 for rectification of mistakes, regardless of origin, emphasizing the need to uphold justice. The AO was directed to rectify the assessment order in line with the High Court decision, rejecting the AO's reliance on a pending Special Leave Petition. The decision highlighted the binding nature of High Court rulings unless overturned by a higher court. en-us Fri, 16 Jan 2015 00:00:00 +0530 Fri, 07 Jul 2023 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179805 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order to treat interest subsidy and excise duty refund as capital receipts, based on the jurisdictional High Court's ruling. The Tribunal affirmed the applicability of Section 154 for rectification of mistakes, regardless of origin, emphasizing the need to uphold justice. The AO was directed to rectify the assessment order in line with the High Court decision, rejecting the AO's reliance on a pending Special Leave Petition. The decision highlighted the binding nature of High Court rulings unless overturned by a higher court. Case-Laws Income Tax Fri, 16 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179805