https://www.taxtmi.com/caselaws?id=8382 In income-tax proceedings, a capital estimate for a money-lending business may be upheld if it is based on relevant material such as original capital, past income, expenditure, and surrounding circumstances, rather than mere suspicion or guesswork; on that basis, the estimate of capital was sustained. An earlier year's assessment finding does not bind later years because res judicata does not apply to income-tax assessments, although prior findings may remain relevant; the authorities were therefore free to depart from the earlier capital figure where later material justified a different view. en-us Wed, 11 Feb 1970 00:00:00 +0530 Fri, 10 Apr 2009 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8382 In income-tax proceedings, a capital estimate for a money-lending business may be upheld if it is based on relevant material such as original capital, past income, expenditure, and surrounding circumstances, rather than mere suspicion or guesswork; on that basis, the estimate of capital was sustained. An earlier year's assessment finding does not bind later years because res judicata does not apply to income-tax assessments, although prior findings may remain relevant; the authorities were therefore free to depart from the earlier capital figure where later material justified a different view. Case-Laws Income Tax Wed, 11 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8382