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TMI Blog2016 (2) TMI 938X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the assessee based on the material alleged to be in the possession of the Assessing Officer collected during the course of the survey and the said surrender was made voluntarily. Even the bills, cash and supporting documents were found with the assessee which established that the assessee was in possession of assets over and above the assets declared in the books of account against which the surrender in question was made. Furthermore, the retraction is made after more than three months for which no satisfactory explanation has been furnished by the assessee. Retraction to be effective has to be made at the earliest opportunity when the pressure or coercion or undue influence on the person making confession ceases to be operative. Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge' (u/s 5) the amount as 'income'? II. Whether under the facts and circumstances of the case, there is abuse and mis-utilization of the powers and jurisdiction u/s 133A(3)(iii) r.w. 132(4) Section 292C [inserted by Finance Act, 2007 w.e.f. 01.10.1975] and provisions of Section 164 of Cr.P.C. and in pursuance to CBDT Instruction No. 286/2/2003-IT(Inv.) dated 10.3.2003 while obtaining the statement and the subsequent utilization thereof while arriving at the chargeable income to tax? III. Whether under the facts and circumstances of the case on examination of the provisions u/s 29, 44AA, 44AB, 139(1), 145 of the Income Tax Act, 1961, the chargeable income is sustainable on the basis of the statement recorded in survey which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revity "the CIT (A)"]. The assessee filed written pleadings dated 10.12.2008 (Annexure A-5). The CIT(A) vide order dated 29.6.2009 (Annexure A-7) upheld the order of the Assessing Officer and dismissed the appeal. The assessee assailed the order, Annexure A-7, before the Tribunal by way of an appeal on 23.7.2009 (Annexure A-8). The assessee also filed written submissions dated 7.8.2014 (Annexure A-9) before the Tribunal. The Tribunal vide order dated 17.9.2014 (Annexure A-10) affirmed the findings of the CIT(A) and dismissed the appeal which gave rise to the assessee to approach this Court by way of instant appeal. 4. Learned counsel for the assessee-appellant relied upon the judgment of the Madras High Court reported as Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the assessee which established that the assessee was in possession of assets over and above the assets declared in the books of account against which the surrender in question was made. Furthermore, the retraction is made after more than three months for which no satisfactory explanation has been furnished by the assessee. Retraction to be effective has to be made at the earliest opportunity when the pressure or coercion or undue influence on the person making confession ceases to be operative. Whenever there is delay in retracting from the concessional statement, the onus lies upon the person retracting to show the circumstances that existed for him not to retract earlier. 6. The Assessing Officer, the CIT(A) and the Tribunal had conc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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