Finality of unappealed appellate orders bars collateral challenge to valuation in a later reassessment appeal.

An unappealed appellate order fixing the basis of valuation under the income-tax statute attained finality and bound the parties. A later appeal against the reassessment made in obedience to that order could not be used to challenge the earlier valuation method indirectly, because the earlier order was itself appealable and had not been challenged in time. The Tribunal was therefore justified in refusing to entertain the assessee's new contention, and the reference was answered against the assessee.

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Issues: Whether the assessee was entitled, in appeal against the fresh assessment, to challenge the valuation method fixed by the earlier appellate order which had not been separately appealed.

Analysis: The earlier appellate order had set aside the original assessment and laid down the basis of valuation. That order was made under the appellate powers conferred by the statute and was itself appealable. No appeal was brought against it within time, so it became final and binding between the parties. The later appeal against the reassessment could not be used to attack that final order indirectly. The right to appeal against the fresh assessment remained subject to the conclusiveness of the earlier appellate directions.

Conclusion: The assessee was not competent to raise the valuation challenge in the later appeal, and the Tribunal was justified in refusing to entertain it.

Final Conclusion: The reference was answered against the assessee, and the Tribunal's refusal to allow the new contention was upheld.

Ratio Decidendi: An unappealed appellate order under the income-tax statute attains finality and cannot be assailed collaterally in a later appeal arising from a reassessment made in obedience to that order.

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