Statement U/s. 132(4) without any supporting material does not have any evidentiary value

Facts of the Case The assessee is a builder. A search was carried at the premises of the assessee. During the course of search statement was recorded, in which unaccounted income of Rs.22.88 crores was disclosed in respect of a company which inter-alia include undisclosed income of Rs.70.00 lacs in respect of assessee’s project for assessment year 2009-10. However, during the assessment proceedings the AO noticed that assessee had disclosed only a sum of Rs.19,74,387/- as against Rs.70.00 lacs declared during the course of search. The assessee was required to explain as to why entire amount ...