Sohanlal M Jain, Mumbai vs Ito 2(1), Thane on 27 March, 2018
These contentions of the assessee need
verification by the authorities below as it require verification of facts of
several assessment years. It is claimed that the Revenue has consistently
since 1995 accepted the project completion method in the case of assessee
and it is only during the impugned assessment year vide proceedings
conducted u/s 263 of the 1961 Act , it was proposed to deviate from the
consistent stand taken by Revenue. The principles of res-judicata are not
applicable to income-tax proceedings but consistency has to be maintained.
At this stage we would like to reproduce here in under relevant extract of
judgment of Hon'ble Delhi High Court in the case of CIT v. Manish Buildwell
Private Limited reported in (2011) 245 CTR 397(Del) as under: