Section 132(4) statement & notings found during search sufficient to invoke section 153A jurisdiction

Lalji Khimjibhai Patel Vs ACIT (ITAT Rajkot) The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.? ITAT states that, the assessee has challenged validity of jurisdiction invoked by the AO under section 153A of the Act. However, on perusal of the record would indicate that statement of the assessee was recorded under section 132(4) of the Act during the course of search, and he has admitted unaccounted income of Rs. 80,69,186/-. The disclosure made under section 132(4) is an admissible e...