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2018 (6) TMI 1512 - AT - Income TaxUndisclosed income - Entries in the alleged diary - declarations made in his statement u/s 132(4) - Held that:- Burden is on the assessee to show that the entries in the alleged diary do not belong to the Asstt. Year 2011-12 by producing cogent evidence to show they relate to the year 1998-99. Revenue cannot be expected to prove that these entries relate to Asstt. Year 2011-12 because of the nature of the entries, which are in the personal knowledge of the assessee. It is always open for the assessee to produce relevant material to show that these entries relate to the Asstt. Year 1998-99 not for 2011-12, in the absence of which we find it difficult to accept the bald denial made by the assessee. The findings of the authorities below on this aspect, do not suffer any illegality or irregularity and they have to be confirmed. We, therefore, dismiss Ground Nos. 1 to 3. Outstanding balance to be found from the diary - Held that:- Two amounts are surrendered separately, as such, they cannot be telescoped against each other is not sound and cannot be accepted. These two transactions have an intrinsic link as submitted by the learned AR that it is only out of the sale amount the receivable from the persons listed on the leaf relating to 1.1.1998 arise. We accept the same and direct the authorities to telescope ₹ 2.44 crores into ₹ 2.60 crores in which event nothing over and above the declaration of ₹ 4 crore is taxable. We accordingly answer Ground No.4 in favour of the assessee. Adjustment of the seized amount against the advance tax liability - Held that:- Allow the credit for the cash seized towards the advance tax payable by the assessee on the date of seized viz. 11.11.2010 as requested by the assessee. See KANISHKA PRINTS (P.) LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE - 2, SURAT [2013 (7) TMI 14 - ITAT AHMEDABAD]
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