Even if assessee admits different sums of undisclosed income on two different days, and then retracts one of its statements, no addition can be sustained for having recorded wrong disclosure statements during the search

M/s M Narayanan & Bros Vs ACIT (Madras High Court)- In the decision reported in (2006) 287 ITR 209 (P.R. Metrani Vs Commissioner of Income-Tax), dealing with the scope of Section 132(4A), the Supreme Court considered the conclusive character of the statement made in a search operation. The Apex Court held that Section 132 is a complete code by itself. Under Section 132(4), in the case of search, the authorised officer can examine any person who is found to be in possession or control of any books of accounts, documents, money, jewellery or other valuable article and any statement made by ...