Admission u/s 132(4) would suffice to initiate necessary Proceedings

Brief of the Case Delhi High court in the case of JRD Stock Brokers (P) Ltd. vs. CIT.  held that the admission of assessee under Section 132(4) where he admitted about the possession of incriminating material would suffice to initiate the necessary proceedings. Facts of the Case The brief facts are that a search operation was carried in the office of assessee. The books of accounts, documents and other materials were seized. The assessee, when called upon to file the return, filed a NIL return for the relevant block period, on 11.10.2002. The AO completed assessment under Section 158BC(c) whi...