TMI Blog1993 (10) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal to its file for fresh disposal for the assessment years 1961-62 and 1962-63 ?" The assessee is a textile mill engaged in the manufacture of velvet and other types of cloth. Up to and inclusive of the assessment year 1959-60, all the processes, including the printing and processing of cloth, was done by the assessee-company itself. With effect from November 1, 1959, the assessee entered into a leave and licence agreement dated January 20, 1960, with the firm of Messrs. Devyani Dyeing and Printing Works whereby the printing and processing machinery of the assessee is supposed to have been leased out to the party on monthly rental/compensation fee of Rs. 12,000. From that day onwards, the work of printing and processing of textile ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are unable to understand how it can be urged that the Appellate Assistant Commissioner has not disturbed the finding given by the Income-tax Officer." (The underlining is done to supply emphasis). Thus, the Tribunal came to the conclusion that the Income-tax Officer had not recorded any finding on the issue concerning the genuineness of the firm of Messrs. Devyani Dyeing and Printing Works. Thus no positive finding was recorded on this aspect during the course of assessment proceedings for the assessment year 1960-61. In the course of assessment proceedings for the assessment years 1961-62 and 1962-65, the Income-tax Officer examined the matter in greater detail and recorded a positive finding to the effect that the business carried on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has submitted that the Tribunal was not justified in passing the above-referred order of remand. We have carefully gone through the record of the case and heard learned counsel for the assessee at length. In our opinion, the Tribunal was more than justified in reaching the conclusion that the Income-tax Officer was not precluded in law from recording a finding on the issue under consideration while dealing with the assessment proceedings for the assessment years 1961-62 and 1962-63. It is well-settled that the principle of res judicata are not applicable to the assessment proceedings for subsequent years. We are satisfied that the Tribunal was right in interpreting its order for the earlier year and holding that the relevant is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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