https://www.taxtmi.com/caselaws?id=70898 In block assessment under Chapter XIV-B, a disallowance under section 40A(3) was treated as outside the scope of undisclosed income where the underlying purchases were already recorded in the regular books. The Tribunal also accepted the first appellate finding on the quantified undisclosed income, holding the adopted figure to be correct on the facts. On the seized diary entries and the statement under section 132(4), the Tribunal noted that such admissions are not conclusive and may be displaced by a credible retraction and corroborative material; the diary entries, surrounding circumstances, affidavits and VDIS declarations supported the assessee's explanation, so the addition based on peak cash credits was deleted. en-us Wed, 13 Nov 2002 00:00:00 +0530 Tue, 19 Apr 2011 18:46:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70898 In block assessment under Chapter XIV-B, a disallowance under section 40A(3) was treated as outside the scope of undisclosed income where the underlying purchases were already recorded in the regular books. The Tribunal also accepted the first appellate finding on the quantified undisclosed income, holding the adopted figure to be correct on the facts. On the seized diary entries and the statement under section 132(4), the Tribunal noted that such admissions are not conclusive and may be displaced by a credible retraction and corroborative material; the diary entries, surrounding circumstances, affidavits and VDIS declarations supported the assessee's explanation, so the addition based on peak cash credits was deleted. Case-Laws Income Tax Wed, 13 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70898