Dit vs Brarat Diamond Bourse

The Supreme Court allowed the appeals, affirming its previous decision in Director of IT v. Bharat Diamond Bourse (2003) 259 ITR 280 (SC), which had overturned the High Court's earlier ruling in Director of IT (Exemptions) v. Bharat Diamond Bourse (2000) 245 ITR 437 (Bom). The Court held that the respondent could not reopen issues conclusively determined against it, thus reinforcing the finality of its prior judgment. The decision was limited to the specific subject-matter of the appeal before the High Court, leaving other issues open for determination.