2023 (8) TMI 730 - SCH - Income Tax

Addition of surrendered income - relevancy of statement recorded u/s 132(4) - retraction of statement given within reasonable time or not? - as decided by HC 2018 (11) TMI 953 - RAJASTHAN HIGH COURT retraction is required to be made as soon as possible or immediately after the statement of the assessee was recorded. Duration of time when such retraction is made assumes significance and in the present case retraction has been made by the assessee after almost eight months to be precise, 237 days, thus allowed revenue appeal - HELD THAT - No case is made out to interfere with the impugned judgment(s) and order(s) passed by the High Court. As such, we are in complete agreement with the view taken by the High Court. Special leave petitions stand dismissed.

Summary

The Supreme Court of India in Citation 2023 (8) TMI 730 - SC Order, with Justices M.R. Shah and C.T. Ravikumar, condoned delay and dismissed special leave petitions, agreeing with the High Court's judgment and orders. Any pending interlocutory applications are also disposed of.