https://www.taxtmi.com/caselaws?id=118499 A search statement under section 132(4), when supported by contemporaneous incriminating material, may remain reliable evidence if the later retraction is delayed and not backed by credible proof of coercion. In cash credit matters, section 68 requires the assessee to establish not only identity, but also creditworthiness and genuineness; confirmations and tax particulars alone are insufficient where surrounding facts cast doubt on the loans. The text also notes that where the record is not fully examined against the seized material, the matter may call for fresh consideration on remand after giving the assessee an opportunity to respond. en-us Tue, 31 Jan 2006 00:00:00 +0530 Mon, 02 Jul 2012 12:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118499 A search statement under section 132(4), when supported by contemporaneous incriminating material, may remain reliable evidence if the later retraction is delayed and not backed by credible proof of coercion. In cash credit matters, section 68 requires the assessee to establish not only identity, but also creditworthiness and genuineness; confirmations and tax particulars alone are insufficient where surrounding facts cast doubt on the loans. The text also notes that where the record is not fully examined against the seized material, the matter may call for fresh consideration on remand after giving the assessee an opportunity to respond. Case-Laws Income Tax Tue, 31 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118499