2013 (6) TMI 163

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....he finding of CIT (Appeals) on this issue? (ii) Whether the finding recorded by the Tribunal in Paragraph 7 is factually sustainable in the absence of any discussion much less cogent discussion, more so when assessee was not represented? 3. The relevant facts, for disposal of this appeal, are that during the course of survey under Section 133A conducted on 28-01-2003, certain incriminating documents/loose papers/note-books etc. were found at the business premises of the assessee and on the basis of the said material, the assessee had surrendered a sum of Rs. 1,75,00,000/- vide his letter dated 31st January, 2003 before the department. 4. During the assessment proceedings, the asssessee claimed set off against this surrendered amoun....

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....he learned Assessing Officer was absolutely right in not allowing the set off by recording a finding that the said surrendered income was income of the assessee from other sources. He, therefore, submitted that orders passed by Appellate Authority as well as Income Tax Appellate Tribunal, both be set aside and order of Assessing Officer be restored. 7. Mr. Dinesh Mehta, learned counsel appearing on behalf of assessee, supported the impugned orders passed by Income Tax Appellate Tribunal as well as Appellate Authority and submitted that amount of Rs.1,75,00,000/- was surrendered with specific conditions, which were considered and dealt with by the Appellate Authority. He submitted that Assessing Officer did not consider all the facts incl....

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....essee are reproduced, as under :- a "The note books and loose papers contain entries pertaining to my business, b I have examined the entries and after discussion about such entries with the worthy CIT, Bikaner, I offer income of Rs. 1.75 crores to tax for the current year 2002-03, c The surrendered income covers all the entries appearing in such note books and loose papers, d I am surrendering this income to purchase peace and in full and final settlement of my case. It is requested that no action to levy of penalty and prosecution etc. will be taken against me, e It is to cooperate with the department that I have surrendered the above income over all above the regular income to be declared for the financial year 2002-03 whi....