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2016 (5) TMI 798 - HC - Income TaxRevision u/s 264 in favor of assessee - return was filed under Section 139(4) within the time allowed and the return was filed, admitting an income of ₹ 25,18,256/- including the additional income of ₹ 25,00,000/- offered during the course of survey - Held that:- once the income is offered, then the same cannot be withdrawn. - When the return of income was filed voluntarily, no addition was made and the income returned was accepted, without making any addition, the petitioner cannot now take a stand that the statement was given only on the threat made by the respondent. As rightly pointed out by the respondent, the petitioner cannot plead ignorance and that the income that has to be assessed in the previous years and the income that has to be assessed in the hands of partners are to be excluded. Further the respondent had pointed out that in spite of the assessee has the option to file revised return till 31.03.2002 as per the provisions of Section 139(5) of the Income Tax Act, the assessee did not opt to do so. The finding of the respondent that the assessee's contention is a clear after thought is correct. Under this circumstance, do not find any reason to interfere with the order passed by the respondent.
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