https://www.taxtmi.com/caselaws?id=277485 Income-tax assessments are year-specific, so a finding for one assessment year does not ordinarily operate as res judicata for a later year unless the issue is one not affected by annual fluctuation; the earlier decision therefore did not bind the later year. Surplus income of the Durgah was not exempt under the cited exemption provisions because the amounts applied for religious and charitable purposes stood apart from the surplus distributed to the descendants, which was treated as private trust income. The protective argument under the special trustee provision was not entertained as it had not been raised before the Tribunal, and the trustees, having received and managed the income, were assessable as an association of persons. en-us Wed, 16 Sep 1953 00:00:00 +0530 Wed, 05 Dec 2018 13:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277485 Income-tax assessments are year-specific, so a finding for one assessment year does not ordinarily operate as res judicata for a later year unless the issue is one not affected by annual fluctuation; the earlier decision therefore did not bind the later year. Surplus income of the Durgah was not exempt under the cited exemption provisions because the amounts applied for religious and charitable purposes stood apart from the surplus distributed to the descendants, which was treated as private trust income. The protective argument under the special trustee provision was not entertained as it had not been raised before the Tribunal, and the trustees, having received and managed the income, were assessable as an association of persons. Case-Laws Income Tax Wed, 16 Sep 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277485