2019 (7) TMI 137 - SCH - Income Tax

Addition based on the basis of statements recorded u/s 132(4) - presumption laid down u/s 292C ignored - unexplained cash - assessee retracted from the admission made by him during the course of search - survey was converted into search and the statement of the assessee u/s 132(4) was recorded on 10.10.2014 at 10 15 PM and thereafter search was concluded on 11.10.2014 in the morning and the assessee stated that such cash belonged to the appellant-company as undisclosed income - Subsequent retraction from the surrender without having evidence or proof of retraction - HELD THAT - SLP dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petition after condoning the delay. The Respondent did not appear. (2019 (7) TMI 137 - SC Order)