https://www.taxtmi.com/caselaws?id=63297 A retracted statement recorded during search under section 132(4) is admissible but not conclusive, and undisclosed income in a block assessment must be determined from seized material or other admissible evidence. On the facts noted, the Revenue's addition could not rest solely on a later-retracted statement because the seized documents did not independently establish undisclosed income at the higher figure, and there was no corroborative material quantifying that amount. The assessment was therefore confined to the income supported by the record, being the amount disclosed in the block return, and the higher addition was held unsustainable. en-us Fri, 27 Feb 2004 00:00:00 +0530 Fri, 26 Jul 2024 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63297 A retracted statement recorded during search under section 132(4) is admissible but not conclusive, and undisclosed income in a block assessment must be determined from seized material or other admissible evidence. On the facts noted, the Revenue's addition could not rest solely on a later-retracted statement because the seized documents did not independently establish undisclosed income at the higher figure, and there was no corroborative material quantifying that amount. The assessment was therefore confined to the income supported by the record, being the amount disclosed in the block return, and the higher addition was held unsustainable. Case-Laws Income Tax Fri, 27 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63297