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Judgment
In the present case, the High Court has not followed the direct decision of this Court on Section 80K of the Income Tax Act, 1961 in (1976) 102 ITR 533 (SC) which is by a Bench of two learned Judges. The High Court has referred to two later decisions of this Court in CIT v. Patiala Flour Mills Co. (P) Ltd., : [1978]115ITR640(SC) and Rajapalayam Mills Ltd. Vs. The Commissioner of Income Tax, Madras, by a Bench of three learned Judges on Section 80J of the Act. The latter decisions by a Bench of three Judges on Section 80J do not say that the decision in Union of India v. Coromandel Fertilizers Ltd.1 is not correct. In such a situation, it was inappropriate for the High Court to have itself treated the decision in Union of India v. Coromandel Fertilizers Ltd.1 as incorrect when that is the decision directly on Section 80K of the Act.
However, in these circumstances, we consider it appropriate that these matters be heard by a three-Judge Bench.
List the matters before a three-Judge Bench.