https://www.taxtmi.com/caselaws?id=14076 The Court held in favor of the petitioner, finding that the delay in filing revision applications was justified due to bona fide proceedings with the appeal. The petitioner was entitled to deduction of excise duty for the assessment years 1971-72 to 1975-76, following the mercantile system of accounting. The Court emphasized the importance of following binding precedent and judicial discipline, setting aside the CIT's order and granting the petitioner the deduction. en-us Fri, 18 May 2001 00:00:00 +0530 Mon, 13 Jul 2009 13:40:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14076 The Court held in favor of the petitioner, finding that the delay in filing revision applications was justified due to bona fide proceedings with the appeal. The petitioner was entitled to deduction of excise duty for the assessment years 1971-72 to 1975-76, following the mercantile system of accounting. The Court emphasized the importance of following binding precedent and judicial discipline, setting aside the CIT's order and granting the petitioner the deduction. Case-Laws Income Tax Fri, 18 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14076