https://www.taxtmi.com/caselaws?id=165089 A taxing finding that part of an admitted cash amount represented secreted profit must rest on disclosed material and a reasoned basis. Where the tribunal merely apportioned encashed high denomination notes and treated one portion as business cash balances without explaining the evidence supporting the balance as taxable hidden profit, the inference was unsustainable. The assessee's explanation for possession of the notes was reasonable on the materials referred to, and the adverse conclusion against the remaining amount could not stand. The question was therefore answered in favour of the assessee. en-us Tue, 02 Mar 1954 00:00:00 +0530 Thu, 08 May 2014 17:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165089 A taxing finding that part of an admitted cash amount represented secreted profit must rest on disclosed material and a reasoned basis. Where the tribunal merely apportioned encashed high denomination notes and treated one portion as business cash balances without explaining the evidence supporting the balance as taxable hidden profit, the inference was unsustainable. The assessee's explanation for possession of the notes was reasonable on the materials referred to, and the adverse conclusion against the remaining amount could not stand. The question was therefore answered in favour of the assessee. Case-Laws Income Tax Tue, 02 Mar 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165089