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2016 (7) TMI 923 - HC - Income TaxEvidence under section 158BB - statement of the respondent as well as of the employee alongwith the documents seized - Held that:- The retraction of the statement was made by Shri Chimanlal Shah by making an affidavit which was filed in this office after about two to three months. The statements under section 132(4) of the Act were recorded on 18.06.2003 and 01.08.2003 where as the affidavit for retraction by Shri Chimanlal Shah was filed in this office on 26.09.2003. If the statement of Shri Chimanlal Shah was recorded by using duress, intimidation or coercion, they would have immediately on the same day or on the following day filed the retraction. The very fact that they kept quiet for almost 2-3 months after recording the statement proves beyond doubt that the statement was not recorded by using any force by the search party. Therefore, the affidavit filed by and Shri Chimanlal Shah was an afterthought and it was simply advice to frustrate the efforts of the Department to sniff off the unaccounted income of the assessee Whether evidence found as a result of search or other such materials or information is sufficient enough to conclude that there was concealment of income? - Held that:- When in respect of previous Assessment Year 2004-05 also the Tribunal had dismissed the HC-NIC Department’s appeal on the ground that the addition in that year also was based on extrapolation, it emerged beyond pale of doubt that for the addition made for the year 2005-06 there was no evidence whatsoever and the same was presumptive in nature. - Decided in favour of assessee
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