Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
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The High Court held that statements recorded u/s 132(4) of the Income Tax Act, 1961, are admissible evidence u/s 158BD read with Section 3 of the Indian Evidence Act, 1872, and Section 131. In the present case, the husbands of the assessees made statements during search operations that the total investment in constructing the house property was Rs. 15 lakhs, though only Rs. 7 lakhs was accounted for. The assessees reiterated this fact on 03.05.1999. Such statements are presumed true unless the assessees plead that they were obtained forcibly, by coercion, or undue influence. The burden lies on the assessees to establish that the admission is incorrect or wrong. As the assessees failed to discharge this burden, the Tribunal rightly set aside the order passed by the CIT (Appeals), deciding against the assessees.
The High Court held that statements recorded u/s 132(4) of the Income Tax Act, 1961, are admissible evidence u/s 158BD read with Section 3 of the Indian Evidence Act, 1872, and Section 131. In the present case, the husbands of the assessees made statements during search operations that the total investment in constructing the house property was Rs. 15 lakhs, though only Rs. 7 lakhs was accounted for. The assessees reiterated this fact on 03.05.1999. Such statements are presumed true unless the assessees plead that they were obtained forcibly, by coercion, or undue influence. The burden lies on the assessees to establish that the admission is incorrect or wrong. As the assessees failed to discharge this burden, the Tribunal rightly set aside the order passed by the CIT (Appeals), deciding against the assessees.
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