Commissioner Of Customs, Calcutta Etc vs M/S Indian Oil Corporation Ltd. & Anr

The Supreme Court held that the Circular dated 14-8-1991 issued by the Central Board of Excise and Customs, under Section 151-A of the Customs Act, is binding on the Revenue, emphasizing that statutory authorities must comply with such instructions. The Court clarified that while circulars are generally binding, they cannot override the law established by the Supreme Court. The judgment highlighted the need for clarity in legal principles, suggesting that the matter may require consideration by a larger bench in the future, but dismissed the Revenue's appeal based on the existing circular.