https://www.taxtmi.com/caselaws?id=220292 HC held that a statement recorded under s.132(4) is evidence whose reliability depends on surrounding circumstances; a retracted oath cannot by itself support assessment of undisclosed income. The authorities below improperly relied on an assumed admission to fasten liability and failed to explain rejection of the assessee's retraction or why further inquiry into alleged undisclosed income was not made. The HC found the inference of Rs.20 lakhs as undisclosed income unsustainable and directed reappraisal consistent with the principle that s.132(4) statements require careful scrutiny. en-us Thu, 03 Jan 2013 00:00:00 +0530 Thu, 30 Oct 2025 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220292 HC held that a statement recorded under s.132(4) is evidence whose reliability depends on surrounding circumstances; a retracted oath cannot by itself support assessment of undisclosed income. The authorities below improperly relied on an assumed admission to fasten liability and failed to explain rejection of the assessee's retraction or why further inquiry into alleged undisclosed income was not made. The HC found the inference of Rs.20 lakhs as undisclosed income unsustainable and directed reappraisal consistent with the principle that s.132(4) statements require careful scrutiny. Case-Laws Income Tax Thu, 03 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220292