Retraction of statement after inordinate delay looses its significance

Bannalal Jat Construction Pvt. Ltd. Vs ACIT (ITAT Jaipur) Retraction of statement after inordinate delay without proving that same was obtained forcefully/by coercion/undue influence is clearly an after-thought and looses its significance. It is relevant to note that during the intervening period i.e., the day the statement was recorded under section 132 (4) on 10-10-2014 and day the return of income was filed on 30-9-2015, almost a period of 11 months, there is no communication from the assessee company to the Revenue authorities retracting from the statement so made and recorded during the c...