1983 (4) TMI 3

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....ferred by the ITO from the judgment of Madon J. (as he then was) which comes before us for admission. We admit the appeal merely because we are informed that there is no earlier judgment of this court or any other court on the construction of s. 7 of the Companies (Profits) Surtax Act, 1964 (7 of 1964), which has been construed in the said judgment appealed against. We may, however, make it quite ....

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....ar as the legal position is concerned, the ITO would be bound by a decision of the Supreme Court as also by a decision of the High Court of the State within whose jurisdiction he is (functioning), irrespective of the pendency of any appeal or special leave application against that judgment. He would equally be bound by a decision of another High Court on the point, because not to follow that decis....