https://www.taxtmi.com/caselaws?id=198019 Seized diaries recording money-lending entries chronologically were treated as books of account, and on those facts peak credit could be computed lender-wise rather than by merging all lenders together. A post-search disclosure of undisclosed income did not displace the seized material because the return did not reflect that disclosure and no effective retraction was shown. Since the assessee relied on a brokerage explanation and failed to prove the identity, creditworthiness and genuineness of the credits, the burden under section 68 remained undischarged and the unexplained amounts were assessable. en-us Fri, 16 Sep 2011 00:00:00 +0530 Mon, 06 Aug 2018 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198019 Seized diaries recording money-lending entries chronologically were treated as books of account, and on those facts peak credit could be computed lender-wise rather than by merging all lenders together. A post-search disclosure of undisclosed income did not displace the seized material because the return did not reflect that disclosure and no effective retraction was shown. Since the assessee relied on a brokerage explanation and failed to prove the identity, creditworthiness and genuineness of the credits, the burden under section 68 remained undischarged and the unexplained amounts were assessable. Case-Laws Income Tax Fri, 16 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198019