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| 20 | Voice of CAQ.28 Whether any precaution is to be observed by the assessee whilehis statement is being recorded?Ans. The assessee should as far as may be practicable, try to cooperatewith the survey team. While giving the statement, he should notmake any assertion, which goes against his interests. This is sobecause generally the statement recorded during the course ofsurvey is taken a serious note of, by the Assessing Officer at the timeof assessment.Before making a confessional statement or any declaration, theassessee should keep the following issues in mind:-i. Whether any evidence of has been found which would lead to aninference of concealment of income.ii. Whether there is in fact any discrepancy between the stock asand the stock as per books.iii. In case of disclosure of excess stock it may be advisable to admitdiscrepancies in the stock rather than unaccounted purchases.iv. The provisions of sales tax and excise duty besides provisionslike dis-allowance u/s. 40-A(3), 269-SS, 269-T etc should be keptin mind before making any confession?v. Whether it would be safer to disclose income under the head“other sources” or “business”.vi. Would it be desirable to declare the entire amount as currentyear’s income or spread over income for many years since anyspread over may result in liability to interest and penalty forconcealment.vii. Whether it is possible to capitalise the disclosed mount.viii. Care should be taken to ensure that the disclosure takes care tocovers the discrepancies found during the survey and also thosethat may be unearthed at a later stage.Q.29 What would be the presumptions regarding assets found inpossession of the assessee during survey and the books of accountsor documents impounded from the premises surveyed ?Ans. Section 292C of the Income Tax Act, 1961 states the presumptionregarding the assets found or documents and books impoundedfrom the premises of the assessee that :