COMMISSIONER OF INCOME TAX Vs. BINDAL INDUSTRIES LTD.

JUDGEMENT

(1.) HAVING heard learned counsel for the parties. We do not find any merit in the appeal.

(2.) SRI A.N. Mahajan accepts, so far as in addition on account of excess share capital money is concerned, the decision on the merits stands against the Department as held in the case on CIT vs. Steller Investment Ltd. (2000) 164 CTR (SC) 287 : (2001) 251 ITR 263 (SC). The submission is that even if so the mistake could not have been rectified under s. 154 of the IT Act, 1961. It is difficult to agree with him. The law declared by the apex Court is binding on every Court and authority. A decision contrary to law can be rectified under s. 154 of the IT Act.

(3.) THE appeal is accordingly dismissed.