2018 (1) TMI 1289

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....s of Ld. CIT(A)-Central-I, Kolkata dated 19.02.2014, 21.02.2014, 20.02.2014, 20.02.2014, 21.02.2014 and 20.02.2014 respectively for AY 2010-11. Both the sides agreed that the assessees in these appeals are Non-Banking Financial Companies (NBFC) and the issue in these appeals is similar/ identical, therefore, all the six appeals can be disposed of by a common order. Hence, we treat ITA No. 815/Kol/2014 (M/s. Jahangirabad Finance Co. Pvt. Ltd.) as the lead case and the result of the adjudication will be followed in the other five cases. 2. We have heard both the parties and perused the records. We note that the assessee has filed return of income on 08.11.2010 for the relevant assessment year 2010-11. The AO did not recognize the assessee ....

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....TR 321 (SC) wherein it was held that when the facts and the law permeating in the earlier years are the same, then a divergent view should not be taken and consistency must be followed. We find force in the said arguments of the ld. AR, when the fact remains same, unless the facts and law applicable in this relevant A.Y. is different, the AO's action for earlier years and subsequent years must be the same in line with the doctrine of consistency. 5. The Hon'ble Apex court in the case of Radhosamy Satsang vs CIT(Supra) held that though the principles of res judicata do not apply to the income tax proceedings, particularly when each assessment year is an independent unit, when a fundamental aspect permeating through the different assessmen....

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....This court in Parashuram Pottery Works Co.Ltd. v. ITO [1077] 106 ITR 1 at p.10 stated : "At the same time, we have to bear in mind that the policy of law is that there must be a point of finality in all legal proceedings, that, stale issues should not be reactivate beyond particular stage and that lapse of time must be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity." 7. However, we note that this aspect of the matter has not been dwelt into by the AO and this aspect need to be examined as to why the AO trea....