Retraction of statement made during the survey after six months merely an afterthought – ITAT Mumbai

Synthetic Colour Chem Industries Vs DCIT (ITAT Mumbai)- The survey was conducted on 18.2.2005 when the loose papers being the pages 26, 27, 28, 29, 30 were found which had been duly signed by the partner of the assessee firm based on entries and based on the said papers the partner of the assessee had declared undisclosed income of Rs.1.05 crores. Subsequently on 4.3.2005, a fortnight after the date of survey, the assessee had written a letter to the AO in which a request had been made that instalments may be granted for payment of additional tax. However, 6 months later when the return was ...