Case Law Details
TIME FOR ADAPTING NECESSARY CHANGES, DEFINING OF DISCRETIONARY POWERS OF AUTHORITIES AS WELL AS RECODIFICATION OF THE INCOME TAX ACT, 1961 & INCOME TAX RULES, 1962
Time has come, now, for removing practical difficulties to assessees in the working of Income Tax. For this suitable amendments can be made in the Income Tax Act & Rules thereunder. The monetary limits can be increased for pursuing appeals by Department of Income Tax and defining of the substantial question of law at different levels may be done.
Recently, in Maharao Bhim Singh of Kota vs. CIT, Jaipur (Civil Appeal No. 2812 of 2015, decided on 5.12.2016), Hon’ble Supreme Court judges have held that though principle of res judicata does not apply to income-tax proceedings and each assessment year is an independent year in itself, yet, in our view, in the absence of any valid and convincing reason, there was no justification on the part of the Revenue to have pursued the same issue again to higher Courts. There should be a finality attached to the issue once it stands decided by the higher Courts on merits. This principle, in our view, applies to this case on all force against the Revenue.
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