Assessee sought revision under section 264 before the Principal Commissioner in respect of tax treatment of capital gains computed under section 50, contending that such gains were taxable at rate prescribed under section 112 in view of the decision of jurisdictional Tribunal Special Bench in SKF (India)(2024) 168 taxmann.com 328(SB) (Mum)(Trib). Principal Commissioner rejected the application and refused to follow the Special Bench decision on the ground that the same was not acceptable to the Department and was under challenge. On writ, the Court held that once there is a binding decision of a jurisdictional Tribunal, the same was required to be followed and judicial discipline could not be deviated from.\u00a0 Accordingly, the order passed under section 264 was set aside with direction to pass fresh order by following Special Bench decision. Referred: UOI v. Kamalakshi Finance Corporation Ltd, 1992 taxmann.com 16 (SC), Dipti Enterprises v. ADIT(2025) 181 taxmann.com 10 (Bom)(HC)\u00a0\u00a0<\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S. 264: Commissioner-Revision of other orders-Tax on long-term capital gains-Precedent-Principal Commissioner was bound to follow such decision and could not deviate on the ground of departmental non-acceptance-Revision order was unsustainable and set aside. [S. 45, 50, 112, Art . 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64476","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gLW","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=64476"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64476\/revisions"}],"predecessor-version":[{"id":64477,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64476\/revisions\/64477"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}