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TMI Blog2006 (7) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... l, we find that the Tribunal has nowhere stated that it is relying only on the retracted statement but a perusal of the Tribunal's order goes to show that it has correctly stated the principle regarding evaluation and evidentiary value of admissions of any person. It has merely stated that the admissions are relevant and strong piece of evidence that may be used against the person making such admission but they are not conclusive proof of the statement contained in the admission and can always be explained. The Tribunal also was of the view that once the admission made in the earlier statement is retracted, the second statement has to be read together to evaluate the weight of the admission for the purpose of appreciating the evidence. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the Tribunal after taking into consideration accepted the contention of the assessee that the declaration about the undisclosed income used in investment is acceptable, the finding being a finding of fact on the basis of record, cannot be said to be vitiated. Therefore, in our opinion, question No.1 has to be decided against the Revenue and in favour of the assessee that the Tribunal has not acted merely on the basis of retracted statement of the assessee but has acted and reached its conclusion by taking into consideration all relevant material. Question No. (ii) being an ancillary and part of question No.1, need not be considered independently - Accordingly, the appeal fails and is hereby dismissed. - HON'BLE RAJESH BALIA. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid search the Assessment Officer resorted to assess the assessee for block assessment period as noticed above. 4. The residential premises were belonging to the respondent-assessee Ashok Kumar Soni, the elder son of Shrichand Soni, who was residing there with him along with his other son. During the course of search, the statement of Shrichand Soni as well as the assessee were recorded. On the basis of the said statements, the Assessing Officer considered that the assessee has made investment in construction of house property to the extent of Rs. 14,50,000/- out of his undisclosed income. In pursuance of a notice issued under sections 158BC and 158BD for the block assessment, the assessee has filed his return in which he has disclose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion report submitted by the Departmental Valuation Officer to whom valuation has been referred, upheld the contention of the assessee and restricted the assessment of income from undisclosed sources invested in house property to the amount declared by the assessee at Rs. 7,50,000/-. 8. As the question suggested, the Revenue contended that since the admission made by the assessee in his statement under section 132(4) was not found to be under any coercion, the Tribunal has erred in law in acting on the statement which contains admission of the assessee. Hence, the finding recorded by the Tribunal is vitiated and, therefore, the additions made by the Assessing Officer on the basis of admissions contained in the statement of the father of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order under appeal goes to show that everything has gone in the process of evaluating the material available on record which included the statements made by the assessee and the assessee's father and the assessee's note on the foot of the statement of Shrichand Soni during the search proceedings and the disclosure already made in the books of account and estimated value of the investment made in the house, the subject-matter of consideration. In appreciating the oral statements the Tribunal has also taken into consideration the report of the Departmental Valuation Officer to whom it was referred. Hence, the finding recorded by the Tribunal is not merely on the basis of the retracted statement of Ashok Kumar Soni but is the result ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... translated into English reads that he is ready to pay tax in regard to the declared investment of Rs. 14,50,000/- in the construction of his house . 14. There is no dispute on the facts about the valuation reports. According to the valuation report of the approved valuer, the valuation of the house is Rs. 14,50,000/-. The Departmental Valuation Officer has estimated the value of the constructed house at Rs. 15.97 lakhs and the third valuation report is from the Land and Building Tax Department, according to which the market value of the house is Rs. 17.57 lakhs. 15. The statement of Ashok Kumar Soni recorded on the very date the statement of his father was recorded does not contain any such admission that he has invested Rs. 14,50,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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