Jurisprudentiol - Friday's cases

By Vijay Kumar

Legal Corner Icon — the image was hosted by the publisher and was not captured.CESTAT/ITAT

Tribunal bound by decision of a High Court, even of a different State so long as there is no contrary decision of any other High Court - High Court

THE Tribunal had no option but to follow the judgment of the Madras High Court. An authority like an Income tax Tribunal acting anywhere in the country has to respect the law laid down by the High Court, though of a different State, so long as there is no contrary decision of any other High Court on that question.

Income Tax

Initial value of land - Whether, when value of land as credited by assessee to account of partner, is accepted in wealth tax proceedings, AO is right in adopting different value under Income Tax Act? - NO, says High Court

THE issue before the Bench is - Whether, when the value of land as credited by the assessee to the account of partner, is accepted in wealth tax proceedings, the AO is right in adopting different value under the I-T Act. And the High Court's answer is NO.

Customs

Refund consequent to finalisation of provisional assessment – Relevant date for filing claim is date of adjustment of duty to be communicated to the importer - CESTAT

RELEVANT date for filing the claim is the date of adjustment of duty to be communicated to the importer by way of letter indicating the finalisation of the assessment or the return of Bill of Entry with endorsement of finalisation of assessment – Unjust enrichment - Merely because the duty had been shown as expenditure, the conclusion of the Commissioner (Appeals) that duty incidence has been passed on is erroneous - Matter remanded to examine limitation and unjust enrichment afresh.

See our columns tomorrow for the judgements