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Section 132 of Income-tax Act, 1961 - Search and seazure - General STATEMENT OF ASSESSEE UNDER SECTION 132(4) Where Tribunal had affirmed finding of Assessing Officer that assessee had unaccounted income of Rs. 35 lakhs and search and seizure operation conducted in premises of persons who were closely related to assessee in business revealed transaction reflecting undisclosed income, no question of law arose from order of Tribunal affirming action of Assessing Officer in making addition by relying on statement recorded under section 132(4) even though such statement was subsequently retracted [In favour of revenue] Kesri K. Deboo v. Asstt. CIT [2009] 313 ITR 186 (Bom.) Where relying on the CBDT circular dated 10-3-2003 the assessee raised the question as to whether the action of the Assessing Officer in making addition by relying on the statement recorded under section 132(4), which was subsequently retracted, was justified : Held that the circular issued by the Central Board of Direct Taxes is primarily an advice given where it was advised that there should be focus and concentration on collection of evidence of income which leads to information on what has not been disclosed or is not likely to be disclosed before the Income-tax Department. This is primarily the matter of appreciation of facts and would depend on the facts and evidence on record in a given case. As the Tribunal had affirmed the finding of the Assessing Officer that the assessee had unaccounted income of Rs. 35 lakhs and the search and seizure operation conducted in the premises of the persons, who were closely related to the assessee in the business, revealed transaction reflecting the undisclosed income, there was no merit in the appeal. K. Gopal for the Appellant. JUDGMENT The present appeal is directed against the order of the Income-tax Appellate Tribunal dated September 8, 2004, vide which the…

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