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Filing ITR Is Not a Retraction of Section 132(4) Statement: Karnataka HC
Case Law Details
- Case Name
- Kudlur Ramaswamy Sathyanarayana Vs ACIT (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All High Courts, Karnataka High Court
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Kudlur Ramaswamy Sathyanarayana Vs ACIT (Karnataka High Court)
The Karnataka High Court dismissed an appeal filed under Section 260A of the Income Tax Act challenging the Income Tax Appellate Tribunal’s order restoring an addition of Rs.1.5 crore under Section 69 as unexplained investment in a convention hall for Assessment Year 2014-15.
A search under Section 132 was conducted on 04.02.2015, during which incriminating material was found. In his statement recorded under Section 132(4), the assessee admitted that, in the absence of proper records, he was declaring Rs.1.5 ...
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