That an admission is an important piece of evidence but it cannot be said that it is conclusive. It is open to the person who made the admission to show that it is incorrect. The seized document clearly showed that this was the account of the assessee as on May 31, 2011 with T. Jangaiah. The total of the first three entries, i. e., Rs. 15,90,000 received by cheque, and Rs. 30,00,000 and Rs. 5,00,000 received in cash, was Rs. 51,86,000. The fourth entry showed that an amount of Rs. 15,00,000 was returned by cheque and other amounts were returned by cash. Thus, the account was squared up during the year itself. Further, the assessee does not maintain any books of account. Therefore, the addition under section 68 was not called for. However, when the assessee was undertaking certain transactions with T. Jangaiah  and he was engaged in the business of real estate, he must have earned some income. Since the total amount of receipts including the cheque receipt amounted to Rs. 51,80,000, profit at 10 per cent. of the addition of Rs. 51,80,000 as against Rs. 51,80,000 made by the Assessing Officer and sustained by the Commissioner (Appeals) would meet the ends of justice. (AY. 2012-13 to 2015-16)