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2018 (11) TMI 953 - RAJASTHAN HIGH COURT
Addition of surrendered income - relevancy of statement recorded u/s 132(4) - retraction of statement given within reasonable time - Held that:- Statement recorded u/s 132(4) of the Act and later confirmed in statement recorded under Section 131 of the Act, cannot be discarded simply by observing that the assessee has retracted the same because such retraction ought to have been generally made within reasonable time or by filing complaint to superior authorities or otherwise brought to notice of the higher officials by filing duly sworn affidavit or statement supported by convincing evidence.
Such a statement when recorded at two stages cannot be discarded summarily in cryptic manner by observing that the assessee in a belatedly filed affidavit has retracted from his statement. Such retraction is required to be made as soon as possible or immediately after the statement of the assessee was recorded. Duration of time when such retraction is made assumes significance and in the present case retraction has been made by the assessee after almost eight months to be precise, 237 days.
We are persuaded to allow the appeal of the revenue which is accordingly allowed. - Decided against assessee.