I am using this function (from Three JS Pivot point) to rotate an Object around an axis in three.js:

// obj - your object (THREE.Object3D or derived)
// point - the point of rotation (THREE.Vector3)
// axis - the axis of rotation (normalized THREE.Vector3)
// theta - radian value of rotation
// pointIsWorld - boolean indicating the point is in world coordinates (default = false)
function rotateAboutPoint(obj, point, axis, theta, pointIsWorld){
    pointIsWorld = (pointIsWorld === undefined)? false : pointIsWorld;

    if(pointIsWorld){
        obj.parent.localToWorld(obj.position); // compensate for world coordinate
    }

    obj.position.sub(point); // remove the offset
    obj.position.applyAxisAngle(axis, theta); // rotate the POSITION
    obj.position.add(point); // re-add the offset

    if(pointIsWorld){
        obj.parent.worldToLocal(obj.position); // undo world coordinates compensation
    }

    obj.rotateOnAxis(axis, theta); // rotate the OBJECT
}

The issue I am having, is that the transformation is persistent, as pointed out in the answer. So when i call the function again the transformation is applied from where it left off. How can I "reset" the transformation so that the provided angle is an absolute value?

The following does not work:

 obj.rotation.y = 0;

Thanks in advance!