SWATANTER KUMAR, C.J,:- The dictum of the Supreme Court in the case of Honda Siel Power Products Ltd. Vs. CIT, (2007)12 SCC 596, that "rule of precedent is an important aspect of legal certainty in the rule of law", is a principle of great significance in the system of administration of justice. One of the essential rudiments of law of precedent is consistency in the judicial decision making. The doctrine of precedent has been understood in two respects. Firstly, that the phrase means merely that precedents reported, may be cited. or may be followed by the Courts. Secondly, the strict meaning of the phrase is that precedent not only have great authority but must in certain circumstances be followed, By the development of law, the doctrine of precedent in India has been given strict meaning subject to its limitations and the law stated by the co-ordinate benches of the higher Court is expected to be followed with all its rigours but certainly subject to the rule of law and satisfying the principle of ratio decidendi. It is an accepted precept of administration of justice to follow this rule of precedent. Generally known exceptions to the rule of precedent are principles of ratio dec

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