Parashuram Pottery Works Co. Ltd. v. ITO

106 ITR 1Supreme Court of India1977#143 most cited

What is Parashuram Pottery Works Co. Ltd. v. ITO authority for?

The principle of finality dictates that stale issues should not be reactivated, and lapse of time brings repose to judicial and quasi-judicial controversies. A Commissioner cannot substitute their judgment for the Assessing Officer's unless the assessment order is legally erroneous, not merely less elaborate, thus limiting revisionary powers under Section 263.

486

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 1991 to 2026.

Also referred to as

Parashuram Pottery Works Co. Ltd. v. ITO · Parashuram Pottery · Section 263 · erroneous order · revision power · substitution of Commissioner's judgment · finality of assessment · stale issues · judicial precedent · 106 ITR 1

Sections most often in play

Section 143(3)Section 147Section 148Section 263Section 142(1)Section 151Section 69CSection 68
Read the full judgment

Issues it is cited on

section 10(31a)section 100section 76section 142(2c)section 153b(1)(b)section 150(1)section 153b(1)rectification under section 154section 144basection 33(4)section 206csection 158bc

Judgments citing Parashuram Pottery Works Co. Ltd. v. ITO

Dabur Invest Corp, New Delhi vs. Prcit-16, New Delhi

In the result, the appeals of the assessee in ITA Nos

ITA 1764/DEL/2018[2014-15]Status: DisposedITAT Delhi11 Mar 2019AY 2014-15

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2013-14] & [A.Y 2014-15]

For Appellant: Shri M.P. Rastogi, AdvFor Respondent: Shri G.C. Srivastava, Sr Adv
Section 263

…activated beyond a particular stage and that lapse of time must induces repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity. [see Parashuram Pottery Works Co. Ltd. vs. ITO 1977 CTR (SC) 32 : (1977) 106 ITR 1 (SC) at p. 10]. ............... From the aforesaid definitions it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an ITO acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the CIT simply because, according to him, the order should have been written mo…

Dabur Invest Corp, New Delhi vs. Prcit-16, New Delhi

In the result, the appeals of the assessee in ITA Nos

ITA 1763/DEL/2018[2013-14]Status: DisposedITAT Delhi11 Mar 2019AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2013-14] & [A.Y 2014-15]

For Appellant: Shri M.P. Rastogi, AdvFor Respondent: Shri G.C. Srivastava, Sr Adv
Section 263

…activated beyond a particular stage and that lapse of time must induces repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity. [see Parashuram Pottery Works Co. Ltd. vs. ITO 1977 CTR (SC) 32 : (1977) 106 ITR 1 (SC) at p. 10]. ............... From the aforesaid definitions it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an ITO acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the CIT simply because, according to him, the order should have been written mo…

Rasna Pvt. Ltd., Ahmedabad vs. The Dy. CIT., Circle-3(1)(2), Ahmedabad

In the result, appeal ITA 2334/Ahd/2015 filed by assessee is partly allowed

ITA 2334/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad30 Jan 2019AY 2010-11
For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri Lalit P. Jain, Sr. D.R
Section 143(3)Section 36Section 41(1)

…here is no res judicata in income tax proceedings but principles of consistency do play an important role in all walks of life as much as in the income tax proceedings. As observed by Hon'ble Supreme Court, in the case of Parashuram Pottery Works Ltd Vs ITO [ 106 ITR 1), "......we have to bear in mind that the policy of law is that" there must be a point of finality in all legal proceedings, that stale issues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity...". I…

DCIT, New Delhi vs. M/S. Technip Uk Ltd., Mumbai

In the result, the cross objection is allowed

ITA 1116/DEL/2014[2010-11]Status: DisposedITAT Delhi17 Dec 2018AY 2010-11

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2010-11]

For Appellant: Shri Ajay Vohra, AdvFor Respondent: Shri G. K. Dhall, CIT-DR
Section 44BSection 44DSection 9

…ctivated beyond a particular stage and that lapse of time must induces repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity. [see Parashuram Pottery Works Co. Ltd. vs. ITO 1977 CTR (SC) 32 : (1977) 106 ITR 1 (SC) at p. 10]. ............... From the aforesaid definitions it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an ITO acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the CIT simply because, according to him, the order should have been written m…

Alok Kumar Sarkar, Hooghly vs. CIT, Kolkata-8, Kolkata

In the result, appeal of the assessee is allowed

ITA 454/KOL/2015[2010-2011]Status: DisposedITAT Kolkata12 Dec 2018AY 2010-2011

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year : 2010-11 Alok Kumar Sarkar..................………...................................…..……………….…...……..…….............Appellant C/O S.N. Ghosh & Associates, Advocates Seben Brothers’ Lodge P.O. Buroshibtala P.S. Chinsurah Dist. Hooghly Pin – 712 105 [Pan : Akkps 9552 R] Vs. Commissioner Of Income-(8), Kolkata...............................................………………...…...........Respondent Appearances By: Shri Somnath Ghosh, Advocate, Appeared On Behalf Of The Assessee. Shri Abani Kanta Nayak, Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th , 2018 Date Of Pronouncing The Order : December 12Th , 2018 Order Per J. Sudhakar Reddy, Am :-

Section 143(3)Section 14ASection 263Section 263(1)Section 40A(3)

…ues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi- judicial controversies as it must in other spheres of human activity. (See Parashuram Pottery Works Co. Ltd. v. ITO [1977] 106 ITR 1 (SC) at page 10)... From the aforesaid definitions it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to him, the order should have bee…

Uma Singal, New Delhi vs. ACIT, Centrl Circle-3, New Delhi

ITA 1484/DEL/2018[2014-15]Status: DisposedITAT Delhi07 Dec 2018AY 2014-15

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri S S Rana CIT DR
Section 10(38)Section 143Section 153ASection 250Section 68

…giving a premium to an authority exercising quasi judicial function to take benefit of its own wrong.” (para 23) v. Further reference is also invited to the judgment of the Hon‘ble Supreme Court in the case of Parashuram Pottery Works Co. Ltd. Vs. ITO (1977) 106 ITR 1 (SC) wherein the Hon‘ble Apex Court very succinctly recalled the fundamental policy of law that there must be point of finality to all legal proceedings. Given below are the relevant extracts from that case: “…At the same time, we have to bear in mind that the policy of law is that there must be a point of finality in all legal proceedings, that st…

Ritu Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1481/DEL/2018[2015-16]Status: DisposedITAT Delhi07 Dec 2018AY 2015-16

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri S S Rana CIT DR
Section 10(38)Section 143Section 153ASection 250Section 68

…giving a premium to an authority exercising quasi judicial function to take benefit of its own wrong.” (para 23) v. Further reference is also invited to the judgment of the Hon‘ble Supreme Court in the case of Parashuram Pottery Works Co. Ltd. Vs. ITO (1977) 106 ITR 1 (SC) wherein the Hon‘ble Apex Court very succinctly recalled the fundamental policy of law that there must be point of finality to all legal proceedings. Given below are the relevant extracts from that case: “…At the same time, we have to bear in mind that the policy of law is that there must be a point of finality in all legal proceedings, that st…

M/S Bengal Shristi Infrastructure Development Limited, Durgapur vs. ACIT, Circle-2, Durgapur

In the result, appeal of the assessee is allowed in part

ITA 1990/KOL/2016[2010-11]Status: DisposedITAT Kolkata05 Dec 2018AY 2010-11
Section 143(3)Section 250Section 40Section 80

…e true enough that subsequent light or ingenuity might suggest some traverse which had not been taken." 17 Assessment Year: 2010-11 M/s. Bengal Shristi Infrastructure Development Ltd 30. Reference was also made to Parashuram Pottery Works Ltd. v. ITO [1977] 106 ITR 1 (SC) and then it was held: "We are aware of the fact that strictly speaking res judicata does not apply to income-tax proceedings. Again, each assessment year being a unit, what is decided in one year may not apply in the following year but where a fundamental aspect permeating through the different assessment years has been found as a fact one way…

Motiwala & Sons, New Delhi vs. Pr.CIT- 17, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 2756/DEL/2018[2013-14]Status: DisposedITAT Delhi29 Nov 2018AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Raja Ram Sah, CIT- DR
Section 133ASection 143(3)Section 263

…es should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi- judicial controversies as it must in other spheres of human activity. (See Parashuram Pottery Works Co. Ltd. v. ITO [1977] 106 ITR 1 (SC) at page 10) . . . From the aforesaid definitions it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income- tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to him, the order should have…

Premier Vyapaar Pvt. Ltd., Kolkata vs. ITO, Ward - 15(2), Kolkata

In the result, both the appeals of assessee are allowed

ITA 1010/KOL/2018[2007-08]Status: DisposedITAT Kolkata02 Nov 2018AY 2007-08

Bench: Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am] Assessment Year: 2007-08 Assessment Year: 2007-08 M/S. Premier Vyapaar Pvt. Ltd Vs. Income Tax Officer, Ward 15(2), Pan: Aadcp 8876D Kolkata Appellant/Assessee Respondent/Department

Section 143(2)Section 143(3)Section 144Section 147Section 148

…fully and truly disclosed by the assessees. 44. The Apex Court while dwelling on the scope of the requirement to disclose fully and truly all material facts as comprehended in the proviso to section 147 held in Parashuram Pottery Works Co. Ltd. v. ITO [1977] 106 ITR 1 (SC), that the duty of the assessee in any case does not extend beyond making a true and full disclosure of primary facts and it is not its responsibility to advise the Assessing Officer with regard to the inference which he should draw therefrom. If such officer draws any inference which appears to be subsequently erroneous, a mere change of opini…

Premier Vyapaar Pvt. Ltd., Kolkata vs. ITO, Ward-15(2), Kolkata

In the result, both the appeals of assessee are allowed

ITA 1953/KOL/2017[2007-08]Status: DisposedITAT Kolkata02 Nov 2018AY 2007-08

Bench: Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am] Assessment Year: 2007-08 Assessment Year: 2007-08 M/S. Premier Vyapaar Pvt. Ltd Vs. Income Tax Officer, Ward 15(2), Pan: Aadcp 8876D Kolkata Appellant/Assessee Respondent/Department

Section 143(2)Section 143(3)Section 144Section 147Section 148

…fully and truly disclosed by the assessees. 44. The Apex Court while dwelling on the scope of the requirement to disclose fully and truly all material facts as comprehended in the proviso to section 147 held in Parashuram Pottery Works Co. Ltd. v. ITO [1977] 106 ITR 1 (SC), that the duty of the assessee in any case does not extend beyond making a true and full disclosure of primary facts and it is not its responsibility to advise the Assessing Officer with regard to the inference which he should draw therefrom. If such officer draws any inference which appears to be subsequently erroneous, a mere change of opini…

M/S. Sanspareils Greenlands Pvt. Ltd., Meerut vs. ACIT, Meerut

ITA 695/DEL/2016[2008-09]Status: DisposedITAT Delhi11 Oct 2018AY 2008-09

Bench: Shri G.D.Agrawal, Hon’Ble & Shri Sudhanshu Srivastavaassessment Year: 2008-09 Sanspareils Greenlands Cit, Pvt. Ltd. 28/32, Victoria Park Vs. Meerut Meerut Pan : Aaccs2788N Assessment Year: 2008-09

For Appellant: Shri Rohit Jain, adv., Sh. Deepesh JainFor Respondent: Shri S.S.Rana, CIT, DR
Section 143(3)Section 263

…ues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity [see Parashuram Pottery Works Co. Ltd. vs. ITO, (1977) 106 ITR 1 (SC)].” 5.5 It was further observed as under:- "From the aforesaid definitions as it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to…

M/S Sanspareils Greenlands Pvt. Ltd., Meerut vs. CIT, Meerut

ITA 3225/DEL/2013[2008-09]Status: DisposedITAT Delhi11 Oct 2018AY 2008-09

Bench: Shri G.D.Agrawal, Hon’Ble & Shri Sudhanshu Srivastavaassessment Year: 2008-09 Sanspareils Greenlands Cit, Pvt. Ltd. 28/32, Victoria Park Vs. Meerut Meerut Pan : Aaccs2788N Assessment Year: 2008-09

For Appellant: Shri Rohit Jain, adv., Sh. Deepesh JainFor Respondent: Shri S.S.Rana, CIT, DR
Section 143(3)Section 263

…ues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity [see Parashuram Pottery Works Co. Ltd. vs. ITO, (1977) 106 ITR 1 (SC)].” 5.5 It was further observed as under:- "From the aforesaid definitions as it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to…

V.S.P. Stores Pvt. Ltd., New Delhi vs. ITO, New Delhi

Appeal of the assessee is dismissed

ITA 222/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Oct 2018AY 2010-11

Bench: Shri Amit Shukla & Shri Prashant Maharishivsp Stores Pvt. Ltd, Vs. Ito, 10, Community Centre, Ward-26(1), Saket, New Delhi New Delhi Pan: Aaacv0064A (Appellant) (Respondent)

For Appellant: Shri Dinesh Baveen RastogiFor Respondent: Shri Amit Jain, Sr. DR
Section 143(3)

…hausted. It is a principle of law that this cannot be permitted, and there is abundant authority reiterating that principle." 8. The Court reiterated the following observation made by it in Parashuram Pottery Works Co. Ltd. vs. ITO. 1977 CTR (SC) 32 : (1977) 106 ITR 1 (SC) : "At the same time, we have to bear in mind that the policy of law is that there must be a point of finality in all legal proceedings, that stale issues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi- judicial controversies as it must in other spheres of hum…

M/S. H.M. Agriexports Pvt. Ltd., Uttar Pradesh vs. Pr. CIT, Muzaffarnagar

In the result, the appeal of the assessee stands allowed

ITA 2524/DEL/2017[2012-13]Status: DisposedITAT Delhi19 Sept 2018AY 2012-13

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishiassessment Year : 2012-13 H.M. Agriexports Pvt. Ltd., Vs Pr. Cit, Hm Agriexports, Muzaffarnagar. Chilkana Road, Saharanpur, Uttar Pradesh-247001 (Pan: Aacch5350D) (Appellant) (Respondent) Appellant By : S/Shri Piyush K. Kamal, D.K. Gandhi, Adv. Respondent By : Smt. Meeta Singh, Cit Dr Date Of Hearing: 21.06.2018 Date Of Pronouncement: 19.09.2018 O R D E R

For Appellant: S/Shri Piyush K. Kamal, D.K. Gandhi, AdvFor Respondent: Smt. Meeta Singh, CIT DR
Section 263

…ues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity [see Parashuram Pottery Works Co. Ltd. vs. ITO, (1977) 106 ITR 1 (SC)].” 8.3 It is a matter of record that in the present case the AO had made enquiries during the assessment proceedings; the assessee had given detailed explanation and the Assessing Officer on being satisfied with the explanation of the assessee had passed the assessment order. Such decision of the Assessing Officer cannot be held to be "err…

Shri Balaji Industries Complex, Badaun vs. CIT, Moradabad

In the result, the appeal of the assessee stands allowed

ITA 2775/DEL/2015[2009-10]Status: DisposedITAT Delhi17 Sept 2018AY 2009-10

Bench: Shri N.K.Billaiya & Shri Sudhanshu Srivastavaassessment Year: 2009-10 Balaji Industries Complex, Cit, Ismailpur, Moradabad-244001 Vs Badaun. (Pan: Abefs3007Q) Appellant Respondent Assessee By: Mr. Abhinav Mehrotra, Adv. Department By: Smt. Meeta Singh C.I.T. Dr Date Of Hearing: 19.06.2018 Date Of Pronouncement: 17.09.2018

For Appellant: Mr. Abhinav Mehrotra, AdvFor Respondent: Smt. Meeta Singh C.I.T. DR
Section 143(3)Section 263Section 48Section 50C

…ues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity [see Parashuram Pottery Works Co. Ltd. vs. ITO, (1977) 106 ITR 1 (SC)].” It was further observed as under:- "From the aforesaid definitions as it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to hi…

Karl Pestonji Kerawalla, Mumbai vs. ITO 11(2)(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 7152/MUM/2013[2009-10]Status: DisposedITAT Mumbai10 Aug 2018AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blekarl Pestonji Kerawalla V. I.T.O. – 11(2)(4) Kerawalla Chamber (4Th Floor) Aayakar Bhavan, 25, P.J. Ramchandani Marg., M.K. Road, Colaba, Mumbai – 400 039 Mumbai-400 020

For Appellant: Shri Satish ModyFor Respondent: Shri Abiram Kartikeyan
Section 271(1)(C)Section 271(1)(c)

…of law. Also contentions were raised stating that section 292B was inapplicable. The Hon’ble Delhi High Court held as under: 7 Karl Pestonji Kerawalla “21. Our attention was drawn to Parashuram Pottery Works Co. Ltd. V. ITO, Circle I, Ward A, Rajkot, (1977) 106 ITR 1 (SC) which records that the Assessing Officer entrusted with the task of calculating and realizing tax should familiarize themselves with the relevant provisions and become well versed with the law on the subject. This is a salutary advice. Indeed, there have been lapses and faults resulting in the present litigation. Notice under Section 147/148 o…

DCIT 14(1)(2), Mumbai vs. Commtel Networks P.Ltd, Mumbai

In the result appeal of the Revenue is dismissed

ITA 909/MUM/2017[2013-14]Status: DisposedITAT Mumbai25 Jul 2018AY 2013-14

Bench: Shri G Manjunatha & Shri Ravish Soodassessment Year : 2013-14 The Dy Cit- 14(1)(2), M/S. Commtel Networks Pvt. Ltd., Mumbai 23, White Castle, Vs. 34-35, Union Park, Chembur, Mumbai 400 071. Pan Aaacc8966G (Appellant) (Respondent)

For Appellant: Shri Saurabh DeshpandeFor Respondent: Shri Devendra Jain
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri G Manjunatha, Accountant Member & Shri Ravish Sood, Judicial Member Assessment Year : 2013-14 The Dy CIT- 14(1)(2), M/s. Commtel Networks Pvt. Ltd., Mumbai 23, White Castle, Vs. 34-35, Union Park, Chembur, Mumbai 400 071. PAN AAACC8966G (Appellant) (Respondent) Appellant By : Shri Saurabh Deshpande Respondent By : Shri Devendra Jain Date of Hearing :12.07.2018 Date of Pronouncement 25.07.2018 O R D E R Per G Manjunatha, Accountant Member This appeal filed by the Revenue is directed against order of the CIT(A)-22, Mumbai, dated 07.…

The J.K. Trust Bombay, Mumbai vs. CIT (E), Mumbai

The appeal of the assessee is allowed

ITA 3769/MUM/2017[2012-13]Status: DisposedITAT Mumbai25 Jul 2018AY 2012-13

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2012-13 M/S The J. K. Trust Cit (Exemption) Bombay, R. No.617, 6Th Floor, बनाम/ New Hind House, Piramal Chambers, Vs. Narottam Morrjee Marg, Lalbaug, Ballard Estate, Mumbai-400012 Mumbai-400001

Section 11Section 263

…nserting Explanation 2 to sec. 263 of the Act, since it would lead to unending litigations and there would not be any point of finality in the legal proceedings. The Hon'ble Supreme Court has held in the case of Parashuram Pottery Works Co. Ltd. v. ITO [1977] 106 ITR 1 that there must be a point of finality in all legal proceedings and the stale issues should not be reactivated beyond a particular stage and the lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity. 20. Further clause (a) of Explanation states that an order shall…

Maharashtra Airport Development, Mumbai vs. Pr CIT 3, Mumbai

The appeal of the assessee is allowed

ITA 3741/MUM/2016[2011-12]Status: DisposedITAT Mumbai18 Jul 2018AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Maharashtra Airport Pr. Cit-3, Development Company 612, 6Th Floor, बनाम/ Ltd. Aayakar Bhavan, Vs. 8Th Floor, World Trade M. K. Road, Centre, Tower No.1, Mumbai-400020 Cuffe Parade, Mumbai-400005 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aadcm9623M

Section 148Section 154Section 263Section 80I

…nserting Explanation 2 to sec. 263 of the Act, since it would lead to unending litigations and there would not be any point of finality in the legal proceedings. The Hon'ble Supreme Court has held in the case of Parashuram Pottery Works Co. Ltd. v. ITO [1977] 106 ITR 1 that there must be a point of finality in all legal proceedings and the stale issues should not be reactivated beyond a particular stage and the lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity. 20. Further clause (a) of Explanation states that an order shall…