Dilip Manhar Parekh vs. DCIT (ITAT Mumbai) COURT: ITAT Mumbai CORAM: Amit Shukla (JM), Ramit Kochar (AM) SECTION(S): 2(47), 54F GENRE: Domestic Tax CATCH WORDS: binding precedent, exemption, transfer COUNSEL: Dr. K. Shivram DATE: April 15, 2016 (Date of pronouncement) DATE: April 28, 2016 (Date of publication) AY: 2007-08 CITATION: S. 54F: The demolition of a structure does not amount to a "transfer". It is not correct to contend that Vania Silk Mills 191 ITR 647 (SC) is overruled by Grace Collis 248 ITR 323 (SC). Lower authorities cannot refuse to apply binding High Court judgements on the basis that the High Court has not considered a Supreme Court judgement (i) The demolition of the structure would not constitute a transfer of the assets in terms of Section 54(3) of the Act in view of the decision of the Apex Court in the matter of Vania Silk Mills P. Ltd. v. CIT, reported in 191 ITR 647. In the above case, the Apex Court has held that when an ass...