https://www.taxtmi.com/caselaws?id=165086 An addition for alleged undisclosed income from exchanged high denomination notes cannot stand unless the Department proves, on relevant material, that the cash represented suppressed income. The assessee's explanation that the notes formed part of its cash balance was found plausible, while the contrary inference rested on surmises and an incomplete examination of the cash book. In the absence of evidentiary foundation for treating only part of the notes as genuine cash balance, the addition was not sustainable and the issue was decided 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 An addition for alleged undisclosed income from exchanged high denomination notes cannot stand unless the Department proves, on relevant material, that the cash represented suppressed income. The assessee's explanation that the notes formed part of its cash balance was found plausible, while the contrary inference rested on surmises and an incomplete examination of the cash book. In the absence of evidentiary foundation for treating only part of the notes as genuine cash balance, the addition was not sustainable and the issue was decided in favour of the assessee. Case-Laws Income Tax Mon, 18 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165086