https://www.taxtmi.com/caselaws?id=165086 Additions for income from undisclosed sources require the Department to establish, on relevant material, that encashed high-denomination notes represented suppressed income. Where an assessee gives a plausible explanation that the notes formed part of its recorded cash balance, limited sales entries and unexamined cash-book material cannot support an adverse inference. A conclusion that only part of the notes belonged to the cash balance lacks evidentiary basis if founded on conjecture or surmise. The addition was therefore unsustainable, and the issue was resolved in favour of the assessee. en-us Mon, 18 Feb 1957 00:00:00 +0530 Thu, 08 May 2014 17:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165086 Additions for income from undisclosed sources require the Department to establish, on relevant material, that encashed high-denomination notes represented suppressed income. Where an assessee gives a plausible explanation that the notes formed part of its recorded cash balance, limited sales entries and unexamined cash-book material cannot support an adverse inference. A conclusion that only part of the notes belonged to the cash balance lacks evidentiary basis if founded on conjecture or surmise. The addition was therefore unsustainable, and the issue was resolved in favour of the assessee. Case-Laws Income Tax Mon, 18 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165086