Assessee can rebut the statement made u/s 132(4) during search on the ground that it was under pressure & mistaken belief – ITAT

Brief of the Case ITAT Mumbai held In the case of M/s Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd. vs. ACIT that a careful perusal of provisions of sec. 132(4) as well sec. 292C would show that the said provisions state that the statement taken u/s 132(4) “may be used in evidence in any proceeding under the Act”. Thus, this provision gives discretion to the assessing officer not to use the statement in evidence. In the given case the assessee has reconciled the difference in stock, meaning thereby, the assessee has rebutted the admission made by it, which was under pressure and mistaken be...