https://www.taxtmi.com/caselaws?id=175571 A voluntary admission recorded during search, corroborated by seized stock sheets and the chief accountant's statement, supported the addition of undisclosed income. The partner's sworn statement that the stock represented unaccounted goods and that the amount should be treated as undisclosed income was treated as reliable contemporaneous evidence. A belated retraction by affidavit and revised stand, unsupported by proof of coercion, mistake, or contrary evidence, was rejected as an afterthought. The seized papers were not accepted as mere estimates of future purchases, and the addition was therefore sustained. en-us Mon, 20 Sep 2004 00:00:00 +0530 Tue, 23 Sep 2025 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175571 A voluntary admission recorded during search, corroborated by seized stock sheets and the chief accountant's statement, supported the addition of undisclosed income. The partner's sworn statement that the stock represented unaccounted goods and that the amount should be treated as undisclosed income was treated as reliable contemporaneous evidence. A belated retraction by affidavit and revised stand, unsupported by proof of coercion, mistake, or contrary evidence, was rejected as an afterthought. The seized papers were not accepted as mere estimates of future purchases, and the addition was therefore sustained. Case-Laws Income Tax Mon, 20 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175571