https://www.taxtmi.com/caselaws?id=165087 An unexplained cash receipt obtained by encashing high denomination notes was held assessable as income because the assessee failed to prove, with reliable evidence, that the amount came from earlier savings. The explanation was unsupported by material showing the source of the cash, the relevant disbursements, or that the claimed cash balance remained available on the material date. The court applied the principle that the burden lies on the assessee to rebut an inference of income where the source and nature of a receipt are not satisfactorily explained, and upheld treatment of the amount as taxable income. en-us Wed, 21 Jul 1954 00:00:00 +0530 Thu, 08 May 2014 17:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165087 An unexplained cash receipt obtained by encashing high denomination notes was held assessable as income because the assessee failed to prove, with reliable evidence, that the amount came from earlier savings. The explanation was unsupported by material showing the source of the cash, the relevant disbursements, or that the claimed cash balance remained available on the material date. The court applied the principle that the burden lies on the assessee to rebut an inference of income where the source and nature of a receipt are not satisfactorily explained, and upheld treatment of the amount as taxable income. Case-Laws Income Tax Wed, 21 Jul 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165087