1988 (2) TMI 119

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..../Del/82 in respect of the allowability or otherwise of the provision on account of leave salary based on actuarial valuation certificate as an allowable deduction under s. 37(1) of the IT Act, 1961. The assessee concedes in its application that the Tribunal decided the said question on the basis of the decision of the Hon'ble Calcutta High Court in the case of CIT vs. Bharat General and Textile In....

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....l in terms of sub-s. (2) of s. 254 of the IT Act, 1961. 3. We have given careful consideration to the aforesaid submissions of rival sides. In our opinion, the mistake which is said to have crept in the order of the Tribunal is not one about which two opinions are not possible and as such it would be wrong to correct the order of the Tribunal under s. 254(2), more particularly when the order of....

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....ce : "We are, however, unable to accept the contention of Mr. Pal that the principle of retrospective legislation is applicable to the decisions of the Supreme Court declaring the law or interpreting a provision in a statute. The law is laid down or a provision in a statute is interpreted by the Supreme Court only when there is a debate or doubt on the interpretation of any provision of a statu....

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....iew of the matter, we are unable to accept the proposition advanced on behalf of the assessee that there is a mistake apparent from record in the order of the Tribunal merely because it followed in its order the judgment of the Hon'ble Calcutta High Court which was the only available at the relevant time on the issue and that after the aforesaid order of the Tribunal had been passed, there has bee....