Case Law Details
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 course of search proceedings. In fact, during the post search proceedings, the assessee again got an opportunity wherein he was called and his statement was recorded under section 131 on 4-12-2014 and therein, as well, he maintained his earlier stand and didn’t retract from the statement so recorded during the course of search. This also proves that the contention of the assessee company that the earlier surrender during the course of search was under pressure is totally unfounded. Therefore, AO was justified in making addition.
FULL TEXT OF THE ITAT JUDGMENT
This is an appeal filed by the assessee against the order of learned Commissioner (Appeals) -2, Udaipur dated 24-7-2017 wherein the assessee has taken following grounds of appeal:
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