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TMI Blog2017 (5) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Income Tax Appeal No. 128 of 2015 - - - Dated:- 18-5-2017 - Hon'ble Pankaj Mithal And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : R.P. Agarwal For the Respondent : C.S.C. It, Ashok Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were made on cash payment, which has not been accounted and as such it is liable to be added under Section 68 of the Act. On this appeal being preferred, this Court on 8.7.2015 has formulated the following two substantial question of law: I. Whether on the facts and in the circumstance, the ITAT is correct in law in restoring the addition of ₹ 1,05,01,948 made by the Assessing Officer treating the aggregate credit balances of suppliers of raw hides ( whose balance confirmation could not be produced by the assessee), under Section 68 of the Income Tax Act as unexplained cash credit and setting aside the Order of the CIT(A) dated 26.5.2010 by which the above addition was deleted, although the genuineness of the entire purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s found in the books or the explanation offered by the assessee is not satisfactory in the opinion of the Assessing Officer. It is only on the fulfilment of the above conditions that the sum so credited in the books of accounts of the assessee may be charged to income tax as income of the assessee for the previous year. It also lays down that the presumption of such credits shown in the books of accounts of the assessee are chargeable to tax is rebutable presumption and the burden to rebut it is upon the assessee and if he fails to rebut it then only it can be held that it was receipt in the form of the income. It is in the light of the above scheme of Section 68 of the Act that we have to consider the applicability of the above provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dded to the income of the assessee under Section 68 of the Act. The C.I.T. (Appeals) held that the aforesaid two persons used to manufacture agricultural implements and sell them to the assessee on credit and that the entries represented value of the goods purchased from these two persons from time to time. Accordingly, the addition was deleted. The tribunal also accepted view taken by the C.I.T. (Appeals). On appeal by the revenue before the High Court, the Division Bench held that mere absence of proof regarding the existence of two persons cannot be confused with the question of genuineness of the purchases and if the purchase of the goods has been accepted by the department it would not be possible for it to turn around and say th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver filed. It has been settled by the Hon'ble Supreme Court that assessment of tax for each assessment is separate and is not dependent upon the previous one and that the principle of res-judicata is not applicable for tax matter nonetheless in order to maintain consistency, a view, which has been accepted in the earlier order ought not to be disturbed unless there is any material to justify the revenue to take a different view of the matter. In other words, 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. This is precisely what has been laid down by the Supreme Court in Radhasomi Satsang Vs. Commissioner of Income Tax (1992) 193 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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