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2015 (9) TMI 1657 - AT - Income TaxUndisclosed income admitted in the statement recorded u/s 132(4) - surrender of income - case was scrutinized U/s 153A read with Section 143(3) - HELD THAT:- It is undisputed fact that besides statement U/s 132(4), no incriminating documents were found during the course of search including undisclosed cash/assets as revealed from the assessment order of the assessee. The search was conducted on 27-28/08/2008 and statement was recorded u/s 132(4) on 28/08/2008. Copy of statement was provided by the AO on 13/3/2009 even various requests had been made by the assessee before the DDIT(In) to provide the copy of statement. After considering the assessee’s own statement and copy of seized material, he decided to retract the statement given u/s 132(4) on 31/3/2009, which was supported by the affidavit filed by the assessee dated 31/3/2009. The Coordinate Bench has considered the statement recorded u/s 132(4) in case of Shri Radhey Shyam Mittal [2013 (8) TMI 936 - ITAT JAIPUR] in group cases and held that disclosure taken U/s 132(4) during course of search under pressure or duress where no incriminating documents/unrecorded valuables were found is to be held invalid and cannot be sustained. The assessee filed affidavit on 31/3/2009 before the AO but he remained silent on the face of it and had not carried out any inquiry to verify the correctness of the affidavit. AO also had not cross examined on the points of retraction and not asked to produce any evidence. It is held by the various Hon'ble High Courts as well as Hon'ble Supreme Court that the statement recorded U/s 132(4) has evidentiary value but rebuttable. In CBDT circular No. F.NO. 286/2/2003- IT(Inv) does not support any disclosure made U/s 132(4), in absence of any incriminating document/undisclosed assets. Therefore, we upheld the order of the ld CIT(A). - Revenue’s appeal is dismissed.
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