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2012 (6) TMI 136 - AT - Income TaxValidity of reassessment reopened on basis of statement obtained in the course of survey - statements obtained in the course of survey made u/s 133A have been retracted by both the assessees - Held that:- Statements made by the assessees, later retracted, do not have any evidentiary value. A reason must be formed by the Assessing Officer to reopen an assessment on the basis of material or information recognized under law. Even if reassessments are held to be valid, still no additions could be made on the basis of those statements. Therefore, reopening of an assessment is not permissible in law on the basis of a statement obtained in the course of survey action u/s 133A, which has been later on retracted. Consequently, revision orders passed u/s 263 for AY 2000-01 and 2003-04 also do not survive - Decided in favor of assessee.
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