A pronouncement of Supreme Court is binding on High Court though not ratio decidendi of judgment . There can be no estoppel against a settled position in law . Effect of decision in Peerless General Finance and investment Co. Ltd. v. Reserve Bank of India ( 1992) 75 Comp Cas 12 (SC) (CA No 1265 of 2007,dt.09.07.2019) ( AY. 1985 -86 , 1986 -87)
Peerless General Finance and investment Co. Ltd. v. CIT( 2019) 416 ITR 1/ 265 Taxman 413/ 309 CTR 321/180 DTR 97(SC), www.itatonline.org
Interpretation of taxing statutes – Precedent – Supreme Court -Pronouncement of Supreme Court is binding on High Court though not ratio decidendi of judgment .