1980 (12) TMI 83

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....ment on account of the subsequent pronouncement of the Supreme Court. 2. The assessee is a building contractor for P.W.D., Municipalities and Electricity Board. The assessee furnished a return of income on the contract receipts. The assessment was made under s. 143(3) on 14th Feb., 1977 on a sum of Rs. 2,21,340 by applying a rate of 121/2 on gross receipts of Rs. 1,70,700. Based on the decision ....

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....w propounded by the Supreme Court is the law of the land. It is not as though the law is applicable from the date it is pronounced but it is deemed to be law from the inception. Keeping this in mind, the Board has issued the Circular stating that an application under s. 154 would lay consequent upon the decision of the Supreme Court. Now the question before us is whether there is a mistake apparen....

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....e on record on the Supreme Court decision can be easily applied in order to find out whether there is a mistake apparent from the record. Since the fact whether the contracts were on record or not is in controversy, we have no alternative but to direct the ITO to find out this aspect specifically. If he finds that the contracts are available and if the terms similar to those in the contracts consi....