https://www.taxtmi.com/caselaws?id=7282 Deeds of conveyance and settlement indicated that the funds were received subject to a trust for the benefit of the assessee's wife and sons, and that the property was acquired from that trust money; the later settlement deed was treated as declaratory of an existing trust. The revenue failed to produce material to prove benami ownership, so the burden remained on the department to displace the trust character of the property. Prior assessments did not create estoppel or res judicata in later income-tax years, because each assessment year is a separate unit and an erroneous earlier assessment does not bind subsequent years. en-us Wed, 20 Dec 1967 00:00:00 +0530 Mon, 16 Feb 2009 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7282 Deeds of conveyance and settlement indicated that the funds were received subject to a trust for the benefit of the assessee's wife and sons, and that the property was acquired from that trust money; the later settlement deed was treated as declaratory of an existing trust. The revenue failed to produce material to prove benami ownership, so the burden remained on the department to displace the trust character of the property. Prior assessments did not create estoppel or res judicata in later income-tax years, because each assessment year is a separate unit and an erroneous earlier assessment does not bind subsequent years. Case-Laws Income Tax Wed, 20 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7282