Court Deems Assessment Order Based on Retracted Statements and Seized Materials as Perverse After Police Complaint Triggered Statement.

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....Undisclosed income - on-money - retracted statement - One of the purchasers has stated on oath that a Police complaint was given against him and therefore, he had given statement before the Income Tax Authorities and subsequently retraced the same. In the circumstances, the assessment order passed based on seized material and the statements, which have been redressed, is perverse. - HC....