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2013 (1) TMI 397 - JHARKHAND HIGH COURTApplicability of proviso to section 132(4) - whether Oath recorded on 24.9.87 will be governed by provision as it stood on 24.9.87 or as amended by insertion of the explanation therein w.e.f 1.4.89 - Held that:- Statement recorded under section 132(4) is evidence but its reliability depends upon the facts of the case and particularly surrounding circumstances. Here in this case, all the authorities below have merely reached to the conclusion of one conclusion merely on the basis of assumption resulting into fastening of the liability upon the assessee. The statement on oath of the assessee is a piece of evidence as per section 132(4) and when there is incriminating admission against himself, then it is required to be examined with due care and caution. As decided in Kailashben Manharlal Chokshi case (2008 (9) TMI 525 - GUJARAT HIGH COURT), that retracted statement recorded under section 132(4) cannot be the basis for assessing undisclosed income of the assessee and found the explanation given by the assessee to be more convincing and that was not considered by the authorities below. Here in this case also, no specific reason has been given for rejection of the assessee's contention by which the assessee has retracted from his admission - None of the authorities gave any reason as to why AO did not proceed further to enquire into the undisclosed income - wrong inference had been drawn by the authorities below in holding that there was undisclosed income to the tune of Rs.20 lacs - no answering the question about retrospective operation of the proviso to section 134(4)required.
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