Order solely based on judgement which was over-ruled by Apex Court is liable to be quashed

CIT Vs New Punjab Motor Transport (Jharkhand High Court) Jharkhand High Court held that order solely based on the judgement which has been later on over-ruled by the Hon’ble Apex Court requires interference and hence the order passed by ITAT is liable to be quashed and set aside. Facts- The Assessee filed return disclosing total income of Rs. 9,36,120/-. The return was selected for scrutiny under CASS. Finally, AO completed the assessment u/s. 143(3) of the Act determining total income at Rs. 8,99,42,090/-. CIT(A) vide order dated 29-08-2014 has partly allowed the appeal of the assessee and ...