2015 (1) TMI 243

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..... ar 199394, showing a loss of Rs. 4,76,271/-. Thereafter, on 16.09.1993 a revised return of income was filed in which the total income declared was 48,799/. The return of income was processed under Section 143(1)(a) of the Income Tax Act. On 19th October, 1994, the Assessing Officer passed an order under Section 143(3) of the Income Tax Act and determined the total income of the assessee at Rs. 6,19,635/. 2.1. Against the order of the Assessing Officer, the assessee filed an appeal before the Commissioner of Income-Tax (Appeals), Ahmedabad. The CIT(A) partly allowed the said appeal. Being aggrieved by the order of the CIT(A) the assessee filed an appeal before the Income Tax Appellate Tribunal. The Tribunal vide order dated 27.01.2003 partl .....

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..... ion of the Karnataka High Court in the case of Commissioner of Income Tax Vs. Sridev Enterprises, reported in 1992 ITR 165. 4.3. He also relied upon the decision of the Apex Court in the case of Commissioner of Income Tax Vs. Excel Industries Ltd. reported in 358 ITR 295. 5. As against this, Mr. Mehta, learned counsel for the respondent has opposed the argument of learned advocate for the appellant and contended that under the Income Tax Act, each year is an independent year and the earlier assessment which is accepted cannot be treated as rejudicata. 5.1. In support of his contention, he relied upon the decision of the Madras High Court in the case of Commissioner of Income Tax Vs. Hotel Savera, reported in 239 ITR 795. He also relied u .....

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..... ctory finding; it will not be equitable to permit the Revenue to take a different stand now in respect of the amounts which were the subject matter of previous years' assessments; consistency and definiteness of approach by the Revenue is necessary in the matter of recognising the nature of an account maintained by the assessee so that the basis of a concluded assessment would not be ignored without actually reopening the assessment. The principle is similar to the case where it has been held that a debt which had been treated by the Revenue as a good debt in a particular year cannot be subsequently be held by it to have become bad prior to that year." 7. In view of the aforesaid, we are of the considered opinion that the issue involved in .....

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