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Tej International (P) Ltd. vs Deputy Commissioner Of Income Tax on 29 September, 2000

"18. The question now is as to whether to follow the decision of the Hon'ble Special Bench which has taken the view that Amendment by the Finance Act 2010to the provisions of sec. 40(a)(ia) of the Act are prospective and not retrospective from 1-4-2005 or the decision of the Hon'ble Calcutta High Court taking a contrary view. On the above question, the learned counsel for the assessee brought to our notice the decision of the ITAT Delhi Bench in the case of Tej International (P) Ltd. Vs. Dy. CIT (2000) 69 TTJ (Del) 650, wherein it was held that in the hierarchical judicial system that we have in India, the wisdom of the court below has to yield to the higher wisdom of the Court above, and therefore, once an authority higher than this Tribunal has expressed its esteemed views on an issue, normally, the decision of the higher judicial authority is to be followed.
Delhi High Court Cites 14 - Cited by 18 - Full Document
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