been found from the
premises of the appellant, except the retracted statement of Shri.
Ishwar Chand Jindal and statement of Shri. Aseem Kumar Gupta
(without ... stating the circumstances under which
statement was recorded and he retracted the statement recorded
during the course of search and also requested
above statement voluntarily without any force,
coercions , threat and I have read this statement and found it
correctly recorded. I have given this statement ... statement are irrelevant . Thus, in nut-shell the assessee
company retracted statement on oath given by its Director Sh Mangatram
Arora
books of account etc., therefore,
their statements were not voluntary and as such these statements were
duly retracted by the maker of the statements. Hence ... DCIT
proposition that statements recorded during the course of survey has no
evidentiary value. Such statements if retracted by the assessee would shift
the onus
assessee's statements, rather the latter statements have been made more
clearly and given that these subsequent statements have been recorded on
oath ... Such a so-called retraction in our view is no
retraction in law and is simply a self-serving statement without any
material.
15.1 Thus
addition on the basis of statement cannot be sustained. According to the
AO, the statement has been retracted by assessee after a period of three ... assessee filed the retraction statement in
the month of March, 2012 only. Thus, the allegation that statement was retracted after
a period of three years
assessment in the present case. It is
submitted that therefore, retracted statement of the third party (Shri
Pravin Kumar Jain) cannot be made the basis ... years under consideration, was subsequently retracted and therefore, the
reopening of the assessment on such a retracted statement cannot be
sustained is concerned
further erred on law and in fact in admitting the retraction
statement of the assessee wherein the disclosure made during the survey was
retracted even ... further erred on law and in fact in admitting the retraction
statement of the assessee wherein the disclosure made during the survey was
retracted even
Such a so-called retraction in our view is no
retraction in law and is simply a self-serving statement without any
material.
15.1 Thus ... inordinate
delay in retraction and no justifiable explanation has been taken for such
delay. Hence, the retraction of the statement recorded
Ramgopal Drolia, Pawan Kumar Goenka,
Deepak Jhunjhunwala, Ram Avtar Mittal had retracted their statements recorded
either U/s 132(4) or 133A ... providing
accommodation entries to the assessee company was not correct.
The retracted statement has no evidentiary value until and unless
the AO proves that
face of retraction
given by him immediately after the search. The addition made by AO. is
unjustified and unsustainable. Retracted statement has no evidentiary
value ... statement and has given an affidavit that his earlier
statement was under duress.
16. Learned D.R's plea against this retraction is that
