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2017 (12) TMI 370 - HC - Income TaxReopening of assessment - surrender of income - Held that:- In the first place, the validity of the reassessment proceedings was not an issue raised by the assessee before the Tribunal. That issue had been decided against the assessee by the CIT (Appeals) which part of the order was not challenged in appeal before the Tribunal. Then, as to the addition made on merits, we find that the assessee had himself admitted to have written to the assessing officer on 10.03.2004 and surrendered the disputed amount. It is true that the offer made by the assessee in the said letter was worded as being subject to a condition that the penalty proceedings may not be initiated against him. We find, the fact that the surrender had been made with the condition to by peace may be relevant to and may be considered in the penalty proceedings. The present proceedings being the quantum proceedings we do not find any error in the order of the Tribunal in so far as the Tribunal has sustained the addition not only on the ground of surrender made by the assessee but also after disbelieving the genuineness of the transaction of purchase and sale of shares. In view of the matter, we do not find any error in the order of the Tribunal. Accordingly, question nos. A and E are answered in affirmative i.e. in favour of the revenue and against the assessee.
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