Commissioner Of Agricultural ... vs P.V. Balakrishnan Nair And Ors.

The Supreme Court dismissed the appeals, affirming the decision in Progressive Financers v. CIT regarding the interpretation of Section 184(2) of the Income-tax Act, 1961, which is analogous to Section 27(2) of the Kerala Agricultural Income-tax Act, 1950. The Court held that the previous ruling was applicable and binding in this case, thereby favoring the assessee. The dismissal indicates the Court's endorsement of the established legal principle in the cited case.