2025 (9) TMI 911

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.... Mr. Manish Shah for the petitioner submitted that the respondent Assessment Officer has passed the Assessment Order dated 21.3.2025 under Section 147 read with Section 144B of the Income Tax Act, 1961 (for short 'the Act') by making dis-allowance under Section 80P(2)(d) of the Act. 3. It was pointed out by learned advocate Mr. Shah from the impugned Assessment Order that though the petitioner has cited the judgments of this Court covering the issue of Section 80P(2)(d) of the Act, the same were brushed aside and the decision of the Hon'ble Supreme Court in case of Totagar is followed though the same is not applicable in the facts of the case. It was, therefore, submitted that once the decision of the jurisdictional High Court is availab....

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....rsede the legal principles enshrined by the Supreme Court. The judgment in Totagar stands as the highest judicial interpretation of the provisions of Section 80P and cannot be disregarded in favor of non-binding decisions from lower courts or tribunals". 7. It was also submitted that if the adjudicating authority is not inclined to accept the decision of the jurisdictional High Court, then it has no other option but to follow it, thereafter to carry the matter further by way of an appeal before the higher forum. 8. Reliance was also placed on the decision of Hon'ble Apex Court in case of Union of India and others v. Kamlakshi Finance Corporation Ltd., reported in 1992 Supp (1) SCC 443, wherein also it is stated as under: "6. ....