GRINDLAYS BANK LIMITED vs THE INCOME TAX OFFICER, 'H' WARD COMPANIES, DISTRICT-IV,CAL

The Supreme Court upheld the High Court's direction for a fresh assessment under Section 142(1) of the Income Tax Act, ruling that the limitation period had not expired due to stay orders. The Court clarified that the High Court's exercise of certiorari jurisdiction under Article 226 was appropriate, allowing it to quash the offending order while directing a fresh assessment. The Court emphasized that the interests of justice necessitate neutralizing any unfair advantage gained by a party through litigation, affirming that the assessment order was not barred by limitation.