Additions solely based on statement u/s 132(4) which was subsequently withdrawn is not maintainable

Brief of the Case Delhi High Court held In the case of The CIT vs. Sunil Aggarwal that the Assessee had an explanation for not retracting the statement earlier. He also furnished an explanation for the cash that found in the hands of his employee and this was verifiable from the books of accounts. In the circumstances, it was not open for the AO to proceed to make additions solely on the basis of the statement made under Section 132(4), which was subsequently retracted. Facts of the Case The Assessee is engaged in the business of plastic raw material and is carrying on the business in the name...