https://www.taxtmi.com/caselaws?id=61030 The Tribunal allowed the appeal, overturning the addition of Rs. 18,24,550 to the returned income. It held that the assessee's retraction from the statement made under section 132(4) was valid, emphasizing that an admission could be retracted if proven incorrect. The Tribunal rejected the extraordinary status accorded to the statement under section 132(4) by the CIT(A), asserting that it did not preclude the possibility of retraction. The reasons provided by the assessee for the lower income figure in the return were deemed acceptable, leading to the deletion of the additional amount. en-us Wed, 30 Jun 1999 00:00:00 +0530 Mon, 10 Jan 2011 14:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61030 The Tribunal allowed the appeal, overturning the addition of Rs. 18,24,550 to the returned income. It held that the assessee's retraction from the statement made under section 132(4) was valid, emphasizing that an admission could be retracted if proven incorrect. The Tribunal rejected the extraordinary status accorded to the statement under section 132(4) by the CIT(A), asserting that it did not preclude the possibility of retraction. The reasons provided by the assessee for the lower income figure in the return were deemed acceptable, leading to the deletion of the additional amount. Case-Laws Income Tax Wed, 30 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61030