TMI Blog1984 (2) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... Act"), the following question of law has been referred for the opinion of the court: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the income of the Crown Flour Mills would not be included in the net wealth of the assessee company for the assessment year 1958-59 ? " The reference arises out of the assessment to wealth-tax of M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he reasons recorded in our judgment of January 6, 1984 (which may be taken as part of this reference also), we answered the reference in favour of the Department and against the assessee. It was stated that in the case of immovable property of the value of Rs. 100 and above, its transfer can be effected only by means of an instrument in writing duly stamped and registered.This principle has been c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e remained excluded from the assessee's total income. If the income of Crown Flour Mills was adjusted against loss, then there would have been some profits available. In the wealth-tax appeal before the Tribunal, the question arose whether that excess income after adjustment of loss could be treated as the assessee's wealth for this year. The rival contentions on the question of the transfer of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion has been posed. Decisions arrived at in one assessment year are binding neither oil the assessee nor on the Revenue in respect of the, subsequent assessment years. The principle of estoppel has no applicability to successive assessments. The Revenue Authorities are not bound by any contention or admission or decision taken up in one assessment when the same issue comes up for decision in a di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wealth in the assessment of the assessee company for wealth-tax purposes, the necessary consequence of this opinion is that the excess income of the assessee after adjustment of the loss had to be treated as the assessee's wealth for this year. We answer the reference accordingly, i.e., in favour of the Department and against the assessee with no order as to costs. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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