https://www.taxtmi.com/caselaws?id=302288 The Tribunal partly allowed the Assessee's appeals for statistical purposes and allowed the Revenue's appeal for statistical purposes. It emphasized the need for separate assessment of depreciation and consideration of relevant factors in income estimation. The Tribunal clarified that the principle of res judicata does not apply in income tax proceedings, highlighting that each year's assessment is independent. It directed a review of profit for the current year if projects and facts are the same as the previous year, and upheld the allowance of interest paid to the bank against income from FDRs assessed as business income. en-us Wed, 06 May 2015 00:00:00 +0530 Fri, 13 May 2022 21:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302288 The Tribunal partly allowed the Assessee's appeals for statistical purposes and allowed the Revenue's appeal for statistical purposes. It emphasized the need for separate assessment of depreciation and consideration of relevant factors in income estimation. The Tribunal clarified that the principle of res judicata does not apply in income tax proceedings, highlighting that each year's assessment is independent. It directed a review of profit for the current year if projects and facts are the same as the previous year, and upheld the allowance of interest paid to the bank against income from FDRs assessed as business income. Case-Laws Income Tax Wed, 06 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302288