S. 143(3) : Assessment-Survey -Bogus expenditure- Statement- Retraction-A statement recorded u/s.133A under fear / coercion cannot be relied upon by the AO if it is not corroborated by documentary evidence- The assessee is entitled to retract such statement. The AO is bound to give the assessee an opportunity to controvert evidence and cross examine the evidence on which the department places its reliance-A failure in providing the same can result in the order being a nullity–Income is estimated on the basis of gross profit. [S. 133A]
Concept Communication Ltd. v. DCIT (Mum.)(Trib.), www.itatonline.org