2012-VIL-44-SC-DT

Equivalent Citation: [2012] 349 ITR 360 (SC)

Supreme Court of India

Civil Appeal No. 2135 of 2007

Date: 13.09.2012

DINOSAUR STEELS LTD

Vs

JOINT COMMISSIONER OF INCOME TAX

BENCH

S H Kapadia And Madan B Lokur, JJ.

JUDGMENT

5. In our view, Section 154 of the Act was not applicable in this case. It is important to note that the provisions of Chapter VIA, particularly those dealing with quantification of deductions have been amended at least eleven times. Moreover, even Section 80IA, was earlier preceded by Sections 80HH and 80I, which has resulted in plethora of cases. In fact, some of the amendments have been enacted even after the judgment of this Court in the case of Kotagiri Industrial Co-operative Tea Factory Ltd. (supra) delivered on 5.3.1997. In the circumstances, we are of the view that one cannot say that this is a case of a patent mistake. The assessee followed the judgment of the Madhya Pradesh High Court in K. N. Oil Industries (supra). Hence, the assessee is right in submitting that the issue involved a moot question of law, particularly at the relevant time (assessment year 1997-98).

6. For the above reasons, on facts and circumstances of this case, we hold that Section 154 of the Act was not applicable. Consequently, the impugned judgment of the High Court is set aside. Civil appeal filed by the assessee stands allowed with no order as to costs.

 

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