The reliability, importance and sanctity of admission made during search could be refuted only by cogent and convincing evidence. Mere fact that the assessee retracted the statement at later point of time could not make the statement unacceptable. The burden lay on the assessee to show that the admission made by him in the statement earlier at the time of survey was wrong. Such retraction, however, should be supported by a strong evidence stating that the earlier statement was recorded under duress and coercion, and this has to have certain definite evidence to come to the conclusion indicating that there was an element of compulsion for the assessee to make such statement. However, a bald assertion to this effect at much belated stage cannot be accepted. Bannalal Jat Constructions Pvt. Ltd. v. ACIT [2019] 418 ITR 291 (Raj).
