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TMI Blog2022 (4) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... February, 2019 pertain. It is pertinent to mention that no appeal has been filed under Section 260A of the Act till date challenging the orders dated 21st December, 2018 and 08th February, 2019. Undoubtedly, the principles of res-judicata and estoppel are not applicable in taxation matters. However, it has been held that a departure from a finding during the past years would result in a contradictory finding. ( See: Commissioner of Income Tax vs. Sridev Enterprises [ 1991 (1) TMI 52 - KARNATAKA HIGH COURT ]. In fact, in Commissioner of Income Tax vs Excel Industries Ltd [ 2013 (10) TMI 324 - SUPREME COURT ] the Court had observed that it was not appropriate to allow reconsideration of an issue for a subsequent assessment year if t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany paid interest at an average rate of 12.1%. He contends that liability on account of interest could have been reduced by 4.5%, in case the amount kept as FDRs had been utilised in making early repayment of the loans. He emphasises that the assessee company is neither into the business of investment nor in securities. Therefore, according to him, the Assessing Officer had correctly invoked Section 36(1)(iii) of the Act and disallowed the proportionate interest expenditure which was not utilized for business purposes. 3. Learned counsel for the Appellant further states that the ITAT has dismissed the appeals on basis of the Assessee s own case for the Assessment Years 2007-08, 2010-11 2012-13. He submits that it is a settled princi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stoppel are not applicable in taxation matters. However, it has been held that a departure from a finding during the past years would result in a contradictory finding. (See: Commissioner of Income Tax vs. Sridev Enterprises (1991) 192 ITR 165). In fact, in Commissioner of Income Tax vs Excel Industries Ltd (2014) 13 SCC 457 , the Court had observed that it was not appropriate to allow reconsideration of an issue for a subsequent assessment year if the same fundamental aspect permeates in different assessment years. 7. The Supreme Court in Principal Commissioner of Income Tax, New Delhi vs. Maruti Suzuki India Ltd. [2019] 107 taxmann.com 375 (SC) has emphasized the importance of promoting the principle of consistency and ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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