Validity of Reopening u/s.147/148 on the basis of statement obtained during survey & retracted later?

When the statements made by the assessees here, later retracted, do not have any evidentiary value, there is no basis in holding that there are  materials available before the Assessing Officer to make out cases of escapement of income. A reason must be formed by the Assessing Officer to reopen an assessment on the basis of material or information recognized under law.

Even if reassessments are held to be valid, still no additions could be made on the basis of those statements. In such circumstances, it is obvious that the re

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