Statement recorded u/s 132(4) without corroborative evidence could not fasten any liability

HIGH COURT OF JHARKHAND Shree Ganesh Trading Co. versus Commissioner of Income-tax  Tax Case No. 8 of 1999 January 3, 2013 ORDER 1. The following questions of law have been referred to this Court under section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Patna Bench, Patna:- “1.  Whether the statement on oath recorded on 24.9.87 u/s 132(4) of the Act will be governed by the said provision as it stood on 24.9.87 or as amended by insertion of the Explanation therein w.e.f 1.4.89?  2.  Whether the statement on oath recorded on 24.9.87 is wit...