1996 (5) TMI 440

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....al operation in the United States of America. The Assessing Officer treated it as perquisite under section 17(2)(iv) of the IT Act and added it to the income of the assessee. In the process he relied on the circular of CBDT dated 31-12-1985. When assessee went in appeal the learned counsel for the assessee brought to the notice of the learned CIT (Appeals) the decision of the Bombay Bench of the I....

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....quisites against an amount of ₹ 2,15,000 only added by the Assessing Officer. 2. The learned counsel for the assessee has not only filed a copy of the above-mentioned order of the Tribunal in the case of Dr. R.C. Panjawani (supra) decided by the ITAT 'A' Bombay Bench, but has also filed a copy of the order of the ITAT, Jaipur Bench in the case of Smt. Asha Golcha v. Asstt. CIT [1992....

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....h the decision of the Jaipur Bench of the Tribunal in the case of Smt. Asha Golcha (supra). 3. We have noticed with great concern the above facts and the fact that the CIT (Appeals) has consciously defined the decision of the Tribunal. We cannot help quoting from the decision of the Hon'ble Supreme Court in the case of Asstt. Collector of Central Excise v. Dunlop India Ltd. [1985] 154 ITR 172....

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....ot;... The better wisdom of the Court below must yield to the higher wisdom of the Court above. That is the strength of the hierarchical judicial system." 4. We wish and hope that the learned CIT (Appeals) takes note of these observations of the Apex Court and permits his better wisdom to yield to the higher wisdom of the Income-tax Appellate Tribunal which is the highest appellate authority....