2005 (2) TMI 835

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....e, New Delhi by a sale deed dated 22nd July, 1972 for a sum of Rs. 8,00,000. It was then let out to two directors of these companies at Rs. 22,500 per month. 3. When the question of valuing the property came up before the Wealth- tax Officer, for the relevant assessment year 1985-86, he was of the view that it should be valued at Rs. 7,50,00,000. Since the assessee was 1/3rd owner of the property, its net wealth was valued at Rs. 2,50,00,000. 4. Feeling aggrieved, all three companies filed appeals before the Commissioner of Wealth-tax (Appeals) [for short CWT(A)] who was of the view that the value of the property should be calculated on the basis of its annual letting value worked out in the income-tax assessment. 5. The Revenue ch....

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....   Assessment Year Allied Finance Pvt. Ltd R.K.K.R. Industries Pvt. Ltd. R.K.K.R. International Pvt. Ltd 1987-88 No appeal against ITAT order of 18th May, 1998 No appeal against ITAT order of 4th May, 1998 No appeal against ITAT order of 4th May, 1998 1988-89 No appeal against ITAT order of 18th May, 1998 No appeal against ITAT order of 4th May, 1998 No appeal against ITAT order of 4th May, 1998 1989-90 No appeal against ITAT order of 18th May, 1998 No appeal against ITAT order of 4th May, 1998 No appeal against ITAT order of 4th May, 1998 1990-91 WTA No. 7/02 filed against order of ITAT dated 3rd April, 2001 [following order dated 4th May, 1998] WTA No. 6/02 against order of ....

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.... 2002 [following orders dated 4th May, 1998] No information 1996-97 WTA No. 5/04 filed against order of ITAT dated 17th September, 2003 [following orders dated 4th May, 1998] No information No information 1998-99 WTA No. 16/04 filed against order of ITAT dated 22nd April, 2004 [following order dated 18th May, 1998] No information No information 1999-2000 No information WTA No. 27/04 filed against order of ITAT dated 5th May, 2004 [following order dated 4th May, 1998] No information 2000-2001 WTA No. 7/05 filed against order of ITAT dated 5th May, 2004 [following order dated 4th May, 1998] No information No information   8. A perusal of the above chart clearly shows that the basic....

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.... [2004] 266 ITR 992 (Cal.), the Supreme Court noted the decision in Kaumudini Narayan Dalal's case (supra) and also referred to CIT v. Narender Doshi [2002] 254 ITR 606 3 (SC) and CIT v. Shivsagar Estate [2002] 257 ITR 59 4 and held that:- "...the principle established is that if the revenue has not challenged the correctness of the law laid down by the High Court and has accepted it in the case of one assessee then it is not open to the revenue to challenge its correctness in the case of other assessees, without just cause." (p. 104) 12. Earlier, in Radhasoami Satsang v. CIT [1992] 193 ITR 3215 , the Supreme Court noted that the principle of res judicata does not apply to income-tax proceedings, since each assessment year is a unit b....

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....s accepted a particular view by not filing an appeal, that view should be adhered to unless there is just cause for departure. 15. Insofar as the present batch of cases is concerned, the view taken by the ITAT in its orders dated 4th May, 1998 and 18th May, 1998 has remained unchallenged in respect of several assessment years. These orders were not only in respect of the present assessee but in respect of the other two owners of the concerned property. For some reason, an appeal was filed in respect of the present assessee for the assessment year 1985-86 but no such appeal was filed in respect of the other two assessees for that year. For the earlier assessment year, that is, 1984-85 and for subsequent years, that is, 1986-87 to 1989-90,....