Income Tax Act: Additions from Section 132(4) Statements Upheld; Retractions Need Strong Evidence of Duress.

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....Addition on the basis of statements u/s 132(4) - presumption u/s 292C - retraction should be supported by a strong evidence stating that the earlier statement was recorded under duress and coercion - a bald assertion to this effect at much belated stage cannot be accepted - statement recorded in presence of independent witnesses has overriding effect over the subsequent retraction - addition confirmed....