Belated retraction falls in afterthought category & has less efficacy in law

M. D. Infra Developers Vs DCIT (ITAT Surat) Facts- The assessee firm is in the real estate business. A search action under section 132 of the Income-tax Act, 1961, was carried out on 17-07-2012 in the group cases of Dalia (Badshah) Babariya Group of Surat. The AO observed the modus operandi for purchase of said land that the Builder has paid full amount of consideration in cash and SATAKHAT at Jantri price has been executed. After payment of Document price by cheque, the same amount to the tune of cheque payment has been returned in cash to the Builder and additional amount (on-money) is being...