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2016 (5) TMI 1328 - AT - Income TaxUnaccounted local sales of gold - suppression of sales - assessee contends that there are now additional evidences which show that actual consumption of gold was at 92.9% purity level as against minimum requirement of 91.6% - Held that:- We find that the issue is squarely covered by Hon'ble jurisdictional High Court's judgement in assessee's own case for the assessment year 1989-90 [2014 (3) TMI 651 - GUJARAT HIGH COURT] against the assessee. As for the arguments of the assessee regarding, what he perceives as errors in the reasoning process, we can do no better than to quote the words of Hon'ble Supreme Court, in the case of Ambika Prasad Mishra vs. State of U.P. (1980 (5) TMI 100 - SUPREME COURT ), that "every new discovery nor argumentative novelty cannot undo or compel reconsideration of a binding precedent." We humbly bow before the higher wisdom of Hon'ble Courts above and simply follow their words of wisdom. We are, therefore, not really inclined to even deal with learned counsel's analysis of "subsidiary reasons" which prevailed before their Lordships, as against the "real reasons" which were referred to in the assessment year 2000-01. Suffice to say that the issue before us is exactly the same as before Their Lordships, and that, in our considered view, there is no material change in facts and circumstances of the case, nor is there any material and additional evidence which affects binding nature of this judicial precedent. The facts of the other assessment years, i.e. assessment years 1991-92 to 1994-95, are similar, and, as learned representatives fairly agree, outcome of all the assessment years will be the same. - Decided against assessee
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