2023 (10) TMI 1572

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..... A. No. 84/PUN/2023 (Arising out of ITA No. 620/PUN/2021) - -<br>Income Tax<br>Shri Inturi Rama Rao, Accountant Member And Shri Partha Sarathi Chaudhury, Judicial Member For the Assessee : Shri Pramod S. Shingte (M.A.No. 67/PUN/2023) None (MA Nos.77, 80, 81,82 & 84/PUN/2023) For the Revenue : Smt. Shraddha Nichal ORDER PER PARTHA SARATHI CHAUDHURY, JM : These Misc. Applications preferred by the Revenue are directed against the separate orders passed by the Tribunal in relation to A.Ys. 2018-19 & 2019-20. 2. The facts involved in all these matters are that Assessing Officer (AO) had made disallowance on the ground that assessee had deposited the employees' share of EPF and ESI etc. belatedly. The Tribunal, in the referr....

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..../sec. 139(1) of the Act. Such favourable view has been reversed by the Hon&#39;ble Supreme Court in the case of Checkmate Services P. Ltd. (supra). The fundamental question is no more res integra that declaration of law by the Courts is always retrospective taking effect from the date of insertion of the provision. The Hon&#39;ble Supreme Court in CIT v. Saurashtra Kutch Stock Exchange Ltd. [2008] 305 ITR 227 (SC) has held that any existing order in derogation of a subsequent binding judgment requires rectification. To be more specific, the Hon&#39;ble Apex Court has held that 'If a subsequent decision alters the earlier one, it (the later decision) does not make new law. It only discovers the correct principle of law which has to be applie....