Search and seizure proceeding  was carried out at residential premises of assessee and his family members. incriminating documents/lose papers/books of accounts which were inventorized and some were also seized. Thereafter, assessee’s statement was recorded where a surrender amount was extracted which was again reconfirmed from assessee before ADIT in statement u/s 131.Later those statements were retracted by assessee. AO completed assessment after making additions in respect of purchase of properties and constructions based on seized material and admissions made by assessee CIT(A) deleted the addition which was affirmed by the Appellate Tribunal. On appeal of the revenue allowing the appeal  the Court held that  statements recorded u/s 132(4) had great evidentiary value and they could not be discarded summarily and cryptic manner, by simply observing that assessee retracted from his statement. One had to come to a definite finding as to manner in which retraction took place, such retraction should be made as soon as possible and immediately after such statement was recorded by filing a complaint to higher officials or otherwise brought to notice of higher officials by way of duly sworn affidavit or statement supported by convincing evidence, stating that earlier statement was recorded under pressure, coercion or compulsion. Duration of time when such retraction was made assumed significance and in present case retraction was made by assessee after almost eight months to be precise, 237 days. Accordingly the appeal of the revenue is allowed. (AY. 2013-14)