- (1.) Heard learned counsel for parties.
(2.) This Court, while admitting the appeal, framed the following substantial questions of law on 15th February, 2011 :- (i) Whether the Tribunal was justified in directing set off of Rs. 54,10,054/- as against the surrendered income of the assessee amounting to Rs. 1,29,07,00/- by upholding the finding of CIT (Appeals) on this issue? (ii) Whether the finding recorded by the Tribunal in Paragraph 7 is factually sustainable in the absence of any discussion much less cogent discussion, more so when assessee was not represented?
(3.) The relevant facts, for disposal of this appeal, are that during the course of survey under Section 133A conducted on 28-01-2003, certain incriminating documents/loose papers/note-books etc. were found at the business premises of the assessee and on the basis of the said material, the assessee had surrendered a sum of Rs. 1,75,00,000/- vide his letter dated 31st January, 2003 before the department.;