2011 (4) TMI 731

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....or the Respondent : Mr. B.K. Jalan, Advocate   Heard learned counsel for the appellant.   The appellant is aggrieved by the orders passed by the Commissioner of Income Tax (Appeal), Ranchi dated 24.12.1996 by which, the appeal of the Assessee preferred against the order under Section 143 (3) of the Income Tax Act for the year 1994-95 was partly allowed to the extent which shall be disc....

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....as recorded under Section 132 (4) of the Income Tax Act, 1961 wherein the Assessee himself disclosed that he has undisclosed income of Rs.7 lakhs and he admitted that out of Rs.7 lakhs Rs.4 lakhs have been invested in the stock of M/s Moolchand Jain and Sons and some amounts have been given to some persons as loans.   Further he has disclosed the amount of Rs.3 lakhs out of Rs.7 lakhs as dis....

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....mitted that in the said case the Hon'ble Supreme Court, after taking note of the fact that there was statement of the Assessee under Section 143(2) and retraction was made after delay of about 2 years, the Hon'ble Supreme Court reached to the conclusion that such delay itself cast serious doubt on the retraction made by the Assessee and therefore the question of ignoring the retraction as has been....

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....ng Officer himself. Therefore, part of alleged admission of Assessee was not found correct. Not only this, even from the order passed by the Assessing Officer itself it is apparent that the Assessee, in addition to stating that he deposited Rs 3 Lakhs in different Saving Bank Accounts of Oriental Bank of Commerce, he also lent some money to private persons that fact was also found not correct by t....