https://www.taxtmi.com/caselaws?id=342976 Seized diary entries were treated as business-related material invoking the presumption under section 292C of the Income-tax Act, but the assessee rebutted that presumption by producing a reconciliation chart with day book, journal vouchers and ledger accounts showing the expenditure was already recorded in the regular books. The remand report did not disprove the reconciliation, and the assessment was completed in a very short span, leaving inadequate opportunity to explain the seized material. On the record, the explanation that the entries stood reflected in the regular books was accepted, and the additions for unexplained expenditure were deleted. en-us Wed, 22 Mar 2017 00:00:00 +0530 Wed, 17 May 2017 07:17:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342976 Seized diary entries were treated as business-related material invoking the presumption under section 292C of the Income-tax Act, but the assessee rebutted that presumption by producing a reconciliation chart with day book, journal vouchers and ledger accounts showing the expenditure was already recorded in the regular books. The remand report did not disprove the reconciliation, and the assessment was completed in a very short span, leaving inadequate opportunity to explain the seized material. On the record, the explanation that the entries stood reflected in the regular books was accepted, and the additions for unexplained expenditure were deleted. Case-Laws Income Tax Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342976