Statement u/s 132(4) being rebuttable presumption, can be retracted later on valid evidences

Brief of the Case ITAT Jaipur held In the case of ACIT vs. Shri Johari Lal Sodhani that the CIT (A) had given various reasons of retraction and also has considered the evidence for not honouring the statement made under section 132(4). The ld counsel of the revenue had not controverted the findings given by CIT (A). It is a legal proposition that statement recorded under section 132(4) has evidentiary value but is rebuttable presumption. The assessee has produced the evidence before CIT (A) and he came to the conclusion that addition made by the AO was not justified. The case laws referred by...