Statement recorded during survey u/s 133A and retracted thereafter have no evidentiary value

Issue – Whether statement recorded during the course of survey u/s 133A and retracted thereafter have any evidentiary value in case where assessee proved the genuineness of the same transaction? The ITAT in its impugned judgment took note of the statement of D.K. Jain and the retraction of the assessee on 21.02.2008. It was also noticed that the said statement was recorded in the course of survey under Section 133A and consequently did not have any evidentiary value. The Tribunal also took note of the fact that no copy of the statement was given to the assessee to enable him to cross-exa...