Retraction of voluntary disclosed income without giving evidence of coercion not permissible

Narayan Rao Hebri Vs ACIT (Karnataka High Court) Karnataka High Court held that taxpayer cannot be permitted to retract voluntary disclosed income admitted in return of income filed nearly 14 months after the survey without giving evidence of coercion. Accordingly, appeal of assessee stands dismissed. Facts- The assessee is engaged in the business of real estate. The return of income was selected for scrutiny to verify the payment of tax in cash during the demonetization period. The assessment order records that a survey u/s. 133A of the I.T. Act was conducted on 27.09.2016 and that, pursuant ...