Hon’ble Delhi High Court has held that all the authorities are bound by the judgment passed by the High Court and when it comes to the dispute between the parties whose case has been adjudicated by the High Court, unless Competent Authority is able to point out factual difference or some new information which affects the nature of the transaction and its taxability comes to his notice, he cannot take a view other than what has been taken by the High Court. Even the charade of the principle that each assessment year is separate and is to be treated separately cannot shield the illegal refusal to apply the law already settled. Thus, in the absence of any dispute with respect to the nature of transactions or taxability of transactions, the directions issued by the Hon’ble High Court for issuance of nil-rate deduction certificate in the immediately preceding year has to be followed by the Competent Authority while acting under section 197 of the Act.