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2013 (3) TMI 560 - HC - Income TaxRebuttal of statement - Additions on the basis of statements made u/s 132(4) during the course of search – Assessee says that the statement under Section 132(4) was recorded from him while he was in a confused state of mind - Held that:- The Tribunal was right in holding that there is nothing on record to show that the assessee had ever rebutted the presumption available under Section 132(4). At best what he is shown to have done is to file an affidavit when the matter came up before the Tribunal. - even in his letter dated 13.2.1997, the assessee did not make any reference to the earlier statements made under oath on 19.2.1996 and 29.2.1996, to which statements provisions of Section 132(4) of the Act applies. - The period within which a statement made on oath is retracted is of abundant relevance in deciding statutory matters of such nature. - Decided against the assessee.
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