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2013 (2) TMI 235 - HC - Income TaxAddition merely on the basis of statement u/s. 132(4) - unaccounted income - Held that:- Not only that the initial confessional statement made by the assessee on 19.1.2006 was not retracted for months together, in between also he made one such similar statement. the fact remains that initial statement was not retracted for several months. In his retraction statement, the assessee made out a ground that the search had started at 8.30 in the morning and ended on the next day and thus it continued for a period of nearly 24 hours suggesting mental harassment and fatigue for having made such a disclosure. He did not suggest any undue pressure or allurement. And quite apart from such statement dated 19.1.06, at the time of search, the assessee had made yet another confessional statement on 28th March 2006. He had never referred to such a statement in his retraction. He did not offer any explanation why quite apart from the statement made at the time of search operation, he had two months later repeated his offer. The authorities have further recorded that both the statements were made in presence of the Chartered Accountant of the assessee. In addition to such circumstances, the Commissioner (Appeals) noted that the appellant was not maintaining personal books of accounts. Revenue authorities and the Tribunal on the basis of evidence on record came to the conclusion that the addition of Rs.50 lacs was justified. No question of law is arising. The entire issue rests solely on appreciation of evidence on record. Particularly when the assessee having made such a statement and repeated the same two months later and in the letter retracting the statement never offered any explanation as to the reason why he made a confessional statement two months after the search, no reason to interfere with the concurrent findings of facts of two Revenue authorities and the Tribunal - against assessee.
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