COMMISSIONER OF INCOME TAX Vs. KISHOREKUMAR SHAMJI

JUDGEMENT

(1.) PURSUANT to a direction given by this court in Original Petition No. 7516 of 1985, the following questions have been referred by the Income-tax Appellate Tribunal, Cochin Bench (in short, "the Tribunal"), at the instance of the Revenue, under Section 256(2) of the Income-tax Act, 1961 (in short, "the Act") :

(2.) AS suggested by learned counsel for parties, we consolidate and reframe the questions to read as follows-:

(3.) LEARNED counsel for the assessee, on the other hand, submitted that in reality, no new stand was taken before the Tribunal, as is contended. What was stated regarding the implied agreement is clearly borne out from circumstances, if not so apparently from the records. In any event, the Tribunal has considered all relevant aspects and has come to the right conclusion, which are factual conclusions giving rise to no question of law. Merely because at some stage, the assessee had agreed to surrender any income for inclusion in its total income, that does not per se amount to concealment. By way of reply, it is submitted by learned counsel for the Revenue that when there is a conscious surrender, it prima facie establishes concealment.