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1 - 10 of 22 (0.46 seconds)THE FINANCE ACT, 2021
Ge Energy Parts Inc. vs Cit (International Taxation), Delhi-I on 21 December, 2018
6. As a consequence of the above, the AO came to hold that the
performance of senior functionaries of associated enterprises in India
was monitored, controlled and managed by foreign companies of the
GE Group, with Indian AEs playing a significant part in connection
with the business of the foreign companies and being indelibly
connected in the global business of the GE Group. The opinion with
respect to escapement of income also appears to be founded on the
decision rendered by this Court in GE Energy Parts Inc. vs. CIT
(International Taxation), Delhi -15. The aforesaid judgment of the
High Court was concerned with the challenge to reassessment initiated
against various constituents of the GE Group pertaining to AY 2001-02.
The reassessment action was upheld by the Income Tax Appellate
Tribunal6 in terms of its judgment dated 27 January 2017 which was
thereafter followed in subsequent AYs'. It is common ground that the
reassessment action that formed the subject matter of that litigation
emanated from a search and survey conducted in 2007 and on the basis
of which assessments for AYs 2001-02 to 2008-09 came to be
5
2018 SCC OnLine Del 13256.
National Petroleum Construction ... vs Deputy Commissioner Of Income Tax ... on 29 July, 2022
19. In order to appreciate what the Supreme Court held in National
Petroleum, it would be apposite to notice the more elaborate discussion
which appears in the judgment of this Court in National Petroleum
Con. Co. v. Deputy CIT10, the relevant parts whereof are extracted
hereunder:-
The Income Tax Act, 1961
Section 148 in The Income Tax Act, 1961 [Entire Act]
Radhasoami Satsang, Saomi Bagh,Agra vs Commissioner Of Income Tax on 15 November, 1991
"19. We are aware that each assessment year is separate and
distinct and principle of res judicata does not apply to proceedings
for subsequent or other years. However, the decision on an issue or
question though not binding should be followed and not ignored
unless there are good and sufficient reasons to take a different
view. Thus, it was/is possible for the Assessing Officer to depart
from the finding or a decision in one year as it is final and
conclusive only in relation to a particular year for which it is made
but as observed in Radhasoami Satsang v. CIT (1992) 193 ITR 321
(SC), when a fundamental aspect pervading through different
assessment years has been found as a fact in one way or the other,
it would inappropriate to allow the position to be changed in a
subsequent year particularly when the said finding has been
accepted. The said principle is also based upon the rules of
certainty and consistency that a decision taken after due application
of mind should be followed consistently as this lead to certainty,
unless there are valid and good reasons for deviating and not
accepting the earlier decision."