TMI Blog1992 (10) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... sing the following question arising out of the order of the Tribunal in respect of the assessment year 1978-79 : "Whether, under the facts and circumstances of the case, the Tribunal was justified in valuing the Bombay property on the basis of the valuation made by the final valuer adopting hypothetical rent capitalisation method and rejecting the claim of the assessee for valuing the property o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Rs. 98,000 as assessed earlier. The appeal before the Appellate Assistant Commissioner was also rejected and the Income-tax Appellate Tribunal has held that the matter has already been considered by the Tribunal in which the same valuation was taken and as such there is no reason to take a different view. The appeal was dismissed. The submission of learned counsel for the assessee is that a pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ified in taking the view that there being no change in the circumstances, the valuation cannot be changed. This court has held in Sardar Kehar Singh v. CIT [1992] 195 ITR 769 that, normally, res judicata does not apply to taxation proceedings. How ever, this general rule is subject to the qualification that a finding reached in assessment proceedings for an earlier year after due inquiry would n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequent year". The above proposition of law is very clear and fully applies to the facts of this case. The valuation which was adopted by the Income-tax Appellate Tribunal having become final and there being no change in the circumstances, the assessee cannot be allowed now to reagitate the same issue on the same facts and circumstances. There should be finality even under the income-tax law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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