https://www.taxtmi.com/caselaws?id=61233 The Tribunal allowed the appeals for the assessment years 1978-79 and 1979-80, ruling in favor of the assessee. The addition of Rs. 13,500 on account of disallowance of interest paid was deemed not taxable interest earned by the assessee. It was found that there were no fresh borrowings advanced to outsiders without interest, and the connections between certain transactions highlighted by the assessee supported this conclusion. The Tribunal emphasized that each year must be evaluated based on its own facts, and the principle of res judicata does not apply to income-tax proceedings. en-us Wed, 19 Jan 1983 00:00:00 +0530 Tue, 11 Jan 2011 14:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61233 The Tribunal allowed the appeals for the assessment years 1978-79 and 1979-80, ruling in favor of the assessee. The addition of Rs. 13,500 on account of disallowance of interest paid was deemed not taxable interest earned by the assessee. It was found that there were no fresh borrowings advanced to outsiders without interest, and the connections between certain transactions highlighted by the assessee supported this conclusion. The Tribunal emphasized that each year must be evaluated based on its own facts, and the principle of res judicata does not apply to income-tax proceedings. Case-Laws Income Tax Wed, 19 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61233