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2010 (12) TMI 671 - HC - Income TaxRevision order - Whether on the facts and in the circumstances of the case, the Ld. ITAT was right in quashing the order passed by the CIT, u/s 263 - The assessee had surrendered a sum of Rs. 14,00,000/- as additional income during the course of survey on 11/12.3.1999 subject to no penalty and no prosecution. However, while filing the return of income, a sum of Rs. 3,81,400/- only had been surrendered and disclosed as its income. - Held that: - Tribunal had not discussed the material produced by the assessee during the assessment proceedings and also had failed to record any firm finding based thereon. Further, no cogent reasons have been assigned for accepting the retraction of the assessee from the earlier surrender of income of Rs. 14,00,000/- made by it during the survey conducted on 11/12.3.1999. Thus, the Tribunal erred in nullifying the order passed by the CIT under Section 263 of the Act. - Decided in favor of revenue.
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