When assessee makes confession in a statement during search & later retracts without furnishing any reasons, additions can still be made

For several months, this statement was not retracted. It was only on 26.9.07, during the course of the assessment proceedings that the assessee wrote a letter retracting the statement. There is some discrepancy about the date of the letter whether it was written on 26.9.07 or on 26.9.06. Be that it it may, the fact remains that initial statement was not retracted for several months. In his retraction statement, the assessee made out a ground that the search had started at 8.30 in the morning and ended on the next day and thus it continued for a period of nearly 24 hours. In short, he suggested...