2009 (6) TMI 609

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....he Income-tax Act, 1961, against an order dated January 31, 2005 passed by Income-tax Appellate Tribunal in I. T. A. No. 284/Ind of 2004 (assessment year 1994-95). The appeal was admitted for final hearing on the following substantial question of law"Whether, on the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal was justified in treating the lease rent received from school building along with playground etc., as business income ?"   3. At the outset, learned counsel for the parties agreed that the appeal does involve two more substantial questions of law, which arise out of the impugned order and hence, with the consent of learned counsel for the parties, we frame two additional questions of....

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....the case to the Tribunal has occasioned because the Tribunal has failed to examine the issue involved in the appeal in the light of the law laid down by the Supreme Court in the case of Universal Plast Ltd. v. CIT [1999] 237 ITR 454 ; AIR 1999 SC 1641. In other words, the Tribunal did not notice the law laid down in the case of Universal Plast Ltd. v. CIT [1999] 237 ITR 454 (SC) though applicable to the facts of the case and hence, committed an error of law in deciding the appeal.   8. It is a settled principle of law that law laid down by the Supreme Court is binding on all courts/Tribunal/authority in our country by virtue of article 141 of the Constitution of India. Indeed, when the issue is settled by the decision of the Supreme....