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2016 (5) TMI 798 - MADRAS HIGH COURT

2016 (5) TMI 798 - MADRAS HIGH COURT - TMI - Revision 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of ₹ 25,00,000/- offered during the course of survey - Held that:- once the income is offered, then the same cannot be withdrawn.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, withou .....

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ovisions 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. - W. P. No. 8020 of 2004 - Dated:- 13-4-2016 - M. Duraiswamy, J. For the Petitioner : Mr. R. Senniappan For the Respondent : Mr. M. Swaminathan ORDER The petitioner has filed the above writ petition to issue a writ .....

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ommissioner of Income Tax, Circle I, Tirunelveli. The relevant assessment year is 2000-01 and the corresponding accounting year ended on 31.03.2000. On 01.08.2001, the petitioner filed a return of income admitting the income of ₹ 25,18,256/-. A survey was conducted under Section 133A of the Income Tax Act on 27.12.2000 and during the course of the survey, the petitioner agreed to offer ₹ 25,00,000/- as income. Thereafter, the petitioner filed a petition under Section 264 of the Incom .....

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threat made by the respondent. The petition filed under Section 264 of the Income Tax Act was dismissed on the ground that the return of income was filed within the time allowed under Section 139(5) and hence the same is valid. Further the respondent held that once the assessee admitted the income, the same shall be the final and it cannot be changed. Further the return of income was filed voluntarily and income returned was accepted without making any addition. 4. On a perusal of the materials .....

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