DEEPAK L BANKER Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal, at the instance of the assessee, has referred the following question of law for the opinion of this Court under s. 256(1) of the IT Act, 1961.

(2.) THE assessee is assessed in the status of HUF. THE assessee claimed relief in terms of s. 23(3) of the IT Act in regard to income from the house property known as "Capril", Venamamandir Road, Bombay for the asst. yr. 1977-78. THE ITO rejected the claim of the assessee on the ground that relief under s. 23(3) , of the Act is available only to an 'individual' and not to an HUF.

(3.) THE Revenue preferred an appeal before the Tribunal and contended that the relief in terms of s. 23(3) of the Act is available only to an 'individual' and not to an HUF. THE assessee strongly placed reliance on the earlier order of the Tribunal and contended that earlier order should be followed and the assessee's claim should be accepted. THE Tribunal, however, placed reliance on the decision in CIT vs. Mohd. Amin Tyamboo 1980 14 CTR (J&K) 190 : 1980 (125) ITR 375 (J&K) : TC 40R.532, and held that there is no estoppel or res judicata in income-tax assessments, and the assessment for each year is concerned only with the determination of the income and tax payable by the assessee for that particular year. Following the decision of the Jammu & Kashmir High Court, the Tribunal held that relief under s. 23(3) of the Act is available only to an 'Individual' and not an HUF. Aggrieved by the order of the Tribunal, the assessee has sought for the reference and the Tribunal has stated the case.