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TMI Blog2013 (6) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... that in case, the surrendered amount is treated as an income from business, then assessee is entitled to get set off of the amount of Rs.54,10,054/- . - Decided in favor of assessee. - D.B. Income Tax Appeal No.33/2009 - - - Dated:- 13-5-2013 - Narendra Kumar Jain And Arun Bhansali,JJ. For the Appellant : Mr. K. K. Bissa For the Respondent : Mr. Dinesh Mehta ORDER Heard learned counsel for parties. 2. This Court, while admitting the appeal, framed the following substantial questions of law on 15th February, 2011 :- (i) Whether the Tribunal was justified in directing set off of Rs. 54,10,054/- as against the surrendered income of the assessee amounting to Rs. 1,29,07,00/- by upholding the finding of CIT (Appeals) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... get set off of Rs.54,10,054/- and directed the Assessing Officer to give set off of the said amount against total surrendered income. The Revenue preferred appeal before Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal vide its order dated 27th June, 2008 (Annex.1) dismissed the appeal of the Revenue and affirmed the finding of the Appellate Authority. Hence, the Revenue has preferred this appeal before this Court. 6. Submission of Mr. K.K. Bissa, learned counsel appearing on behalf of Revenue, is that learned Appellate Authority as well as Appellate Tribunal, both committed an illegality in treating the surrendered amount of Rs.1,75,00,000/- as income of assessee from business, whereas the learned Assessing Officer was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Appellate Authority as well as Income Tax Appellate Tribunal and also the assessment order and other documents available on record. 9. From the various orders as well as submissions of learned counsel for the parties, it appears that the question involved in the present case is as to whether the surrendered amount of Rs.1,75,00,000/- should be treated as income of Assessee from business or from other sources. The Appellate Authority as well as Income Tax Appellate Tribunal, both have recorded a finding that the said surrendered amount was an income of the assessee from business and not from other sources as pointed out by Assessing Officer. The conditions mentioned in the letter of surrender by assessee are reproduced, as under :- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etter of surrender and other facts and circumstances of the case and thereafter recorded a finding that the surrendered amount was an income of the assessee from business and not from other sources as held by Assessing Officer and consequently it was held that assessee is entitled to get set off of Rs.54,10,054/-. 11. Whether the surrendered amount is an income from business or from other sources is essentially a question of fact. In the present case, the Commissioner of Income Tax (Appeals) as well as Income Tax Appellate Tribunal, both have recorded a concurrent finding of fact based on cogent material available before them, that surrendered amount was an income of the assessee from business and not from other sources. Learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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