https://www.taxtmi.com/caselaws?id=752171 Gujarat HC allowed rectification application u/s 254, finding Tribunal failed to follow Coordinate Bench decision on identical facts previously confirmed by the Court. The Tribunal incorrectly held interest on staff loans was incidental to business, contradicting binding precedent. HC ruled this constituted mistake apparent on record, emphasizing subordinate tribunals must follow superior court decisions. The impugned orders were quashed and matter remanded to Tribunal for fresh consideration in accordance with established legal precedent. en-us Mon, 01 Apr 2024 00:00:00 +0530 Fri, 03 May 2024 20:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752171 Gujarat HC allowed rectification application u/s 254, finding Tribunal failed to follow Coordinate Bench decision on identical facts previously confirmed by the Court. The Tribunal incorrectly held interest on staff loans was incidental to business, contradicting binding precedent. HC ruled this constituted mistake apparent on record, emphasizing subordinate tribunals must follow superior court decisions. The impugned orders were quashed and matter remanded to Tribunal for fresh consideration in accordance with established legal precedent. Case-Laws Income Tax Mon, 01 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752171