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2017 (5) TMI 1222 - HC - Income TaxAddition u/s 68 - undisclosed cash credit - Held that:- The facts of the present case are similar and identical to that of Pancham Dass Jain (2006 (8) TMI 582 - ALLAHABAD HIGH COURT) and the credit purchases reflected in the books of accounts of the assessee of raw-hide from petty dealers even if not confirmed would not mean that it is concealed income or deemed income of the assessee, which can be subjected to tax in view of Section 68 of the Act. In respect of an earlier assessment year, 2005-2006 as opined that trade amount due to the trade creditors in the books of accounts of the assessee cannot be added towards the income of the assessee under Section 68 of the Act. The aforesaid decision of the tribunal in respect of the previous year is said to be final and conclusive, as there is no material on record to show that any appeal was preferred against it rather Sri R.P. Agarwal states at the bar that no appeal against the same was ever filed. It is not considered appropriate to allow the revenue to change the position, which it has taken in one such assessment year, in the subsequent years - Decided in favour of assessee.
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