9911796707
TMI Blog1982 (4) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment years as well. With regard to this issue, the relevant facts which we are required to take into account are as under: The assessee M/s. Punjab Agro Industries Corporation Ltd. entered into an agreement with the State Trading Corporation of India Ltd. henceforward referred to as STC, regarding arrangement for the stocking and selling of agricultural tractors from USSR. The STC for this year had entered into contract directly with the foreign suppliers for the import of the said tractors. The STC had also to obtain necessary import licences from the concerned authorities in its own name with a letter of authority in favour of the assessee for import of the goods. For the goods allotted to the assessee, the assessee was required t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s mentioned above. The shipping documents as mentioned below will be handed over to you after receipt of the cash payments mentioned above as also the guarantee of the Central/State Government for the deferred payments referred to above : (i) Full set of clear on board bill of lading marked freight pre-paid with two negotiable and two non-negotiable copies. (ii) Signed invoices (two copies) (iii) Packing list, 2 copies (iv) Shipping specifications, 2 copies (v) Certificate of quality, 2 copies (vi) Insurance policy, 1 copy STC will intimate the approximate amount of expenses to be incurred by it by way of bank charges for letter of credit etc., stamp duty, and bank guarantee charges. On receipt of the above intimation y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... argument of the ld. counsel for the assessee before us was that the payments were of revenue nature, these were considered by the ITO and he after applying his mind allowed the same to the assessee. On similar set of facts, the revenue has been blowing hot and cold by giving different treatment than for the asst. yrs.1971-72 to 1973-74, on one hand, allowing the entire expenditure and on the second disallowing the same in the assessment now in dispute before the Tribunal. It was particularly emphasised that for the asst. yr. 1978-79 again the revenue has reverted back to the position adopted for the asst. yrs. 1971-72 to 1973-74. 7. Relying on the judgment of the Hon'ble Punjab and Haryana High Court in the case of Dalmia Dadri Cement Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we find that the observations of the Hon'ble Court in the following terms become absolutely relevant and apply to the facts of the case before us : "That though as a general rule the principle of res-judicata is not applicable to decisions of Income-tax authorities and an assessment for a particular year is final and conclusive between the parties only in relation to the assessment for the year and the decisions given in an assessment for the earlier year are not binding either on the assessee or the department in a subsequent year. This rule is subject to limitations, for there should be finality and certainty in all litigation's including litigation's arising out of the IT Act and an earlier decision on the same question cannot be reop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d it was for the Assessing Officer to draw proper conclusion to allow or disallow the amounts claimed in the earlier years. In our opinion, the authorities below erred in not allowing the amount claimed for the year under appeal. 11. It is pertinent to note that the IAC (Asst.) is himself allowing the sum of Rs. 2,15,000 and odd on account of interest and is adding only the amount of Rs. 82,062 though both the amounts of the same character had been allowed earlier. We, therefore, allow this ground of appeal to the assessee. 12. The next ground in appeal relates to the disallowance of Rs.15,000 out of an addition of Rs. 50,000 made to the total income of the assessee. During the course of assessment proceedings, the IAC (Asst.) found t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the authorities below and are of the opinion that no amount as such has been pin pointed as relating to any of the earlier years in which it could be allowed or assessed. Therefore, when the assessee says that the amount of Rs. 50,000 became known as liability during the accounting year relevant to the assessment year under appeal and as such was provided in the books of account, it has to be accepted because there is no evidence to the contrary. The ld. counsel for the assessee rightly relied on the ratio of the Supreme Court judgment in the case of E. D. Sassoon Company Ltd. And others (1954) 26 ITR 27. We, therefore, allow the sum of Rs. 15,000. 15. The only other ground listed as ground No. 3 though not the last, is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
