2006 (9) TMI 633

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... ORAL ORDER 1. The following question has been proposed for the admission of this appeal:­ "Whether the ITAT was right in law and on facts in deleting the addition of Rs. 4,00,000/­ made on the basis of disclosure statement made under Section 132(4) of the Act?" 2. The case of the revenue is that once disclosure statement under Section 132(4) of the Act is given, th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the present case, no doubt, disclosure was made, but it was retracted within two days and alleged entries appearing in Annexure 13 have duly been explained before the Assessing Officer. These entries have duly been accounted in the books of account except the disclosure, the Assessing Officer could not bring any material on record indicating the unexplained investment by the assessee or possession....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....etail. The learned DR except harping upon the admissibility of the disclosure made u/s 132(4) of the Act could not draw our attention towards any other material for substantiating the addition based on such disclosure. In our opinion, in the facts of the present case before making the addition on the basis of retracted disclosure, the Assessing Officer ought to have corroborated this admission by ....