Principle of Res Judicata not Applicable to Income Tax Proceedings as Each Year is a Separate Event: ITAT [Read Order]

Principle of Res Judicata - Income Tax Proceedings - ITAT -Income Tax- taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the principle of Res judicata would not be applicable to the income tax proceedings as each year is a separate event. The assessee company, International Recreation Parks (P) Ltd was allotted land by Noida Authority on a 90 years lease of the development…

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