Addition based on statements recorded by survey team & credible evidence without any retraction are valid

Advertisement Sanjay Sultania Vs ITO (ITAT Cuttack) CBDT in the circular dated 10.3.2003 (supra) has directed the revenue authorities that if confession not based upon credible evidence, are later retracted by the concerned assesses while filing the returns of income, such confessions do not serve any useful purpose. In the present case,  there was substantial evidence in the hands of survey team in the form of receipts. Therefore, statements recorded by the survey team on the basis of such receipts cannot be alleged as not based upon credible evidence. In the present case, no retraction w...