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2015 (6) TMI 1190 - AT - Income TaxCondonation of delay - delay in filing the appeal by 315 days - Penalty u/s 271(1)(c) - assessee made a conditional surrender of ₹ 50,00,000/- and paid the tax on the said surrender subject to no penalty u/s 271(1)(c) - HELD THAT:- In the present case, it appears that the assessee made a conditional surrender of ₹ 50,00,000/- and paid the tax on the said surrender subject to no penalty u/s 271(1)(c). The assessee also furnished copy of order sheet dated 21.12.2009 which is placed at page no. 2 of the assessee's compilation, in the said order sheet also it is mentioned "subject to no penal action." Therefore, the assessee under bona fide believe that no penalty will be levied, surrendered ₹ 50 lacs and did not prefer an appeal. In our opinion, there was a reasonable cause in filing the appeal belated, therefore the delay is condoned and the appeal is admitted. Reopening u/s 147 read with section 148 - unexplained entries in the bank account - HELD THAT:- AO initiated the proceedings u/s 147 of the Act on the basis that there were certain entries in the bank account of assessee for which there was no proper explanation. AO also noticed that the assessee produced fabricated copy of bank account along with books of accounts and as such formed the belief that the assessee's income had escaped assessment. In the present case, the assessee although filed the objection against the initiation of re-assessment proceedings u/s 147 of the Act, however, withdrew those objection and surrendered a sum of ₹ 50,00,000/- subject to no penal action. In the instant case, when the assessee himself withdrew the objection filed against the initiation of re-assessment proceedings u/s 147 of the Act, surrendered a sum of ₹ 50,00,000/- and paid the tax thereon, in our opinion, the ld. CIT was fully justified in upholding the proceedings initiated by the AO u/s 147 of the Act and in confirming the addition of ₹ 50,00,000/-. We, therefore, don't see any merit in this appeal of the assessee
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