https://www.taxtmi.com/caselaws?id=165089 Taxable treatment of encashed high denomination notes as secreted profit requires disclosed supporting material and a reasoned basis. The Tribunal accepted part of the encashed amount as business cash balances but apportioned the remainder as secreted profit without identifying evidence supporting that inference. The assessee's explanation for possessing the notes was reasonable on the available materials. A taxing finding cannot rest on an unreasoned overall impression; consequently, treating the apportioned balance as secreted profit was unsustainable, and the referred question was 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 Taxable treatment of encashed high denomination notes as secreted profit requires disclosed supporting material and a reasoned basis. The Tribunal accepted part of the encashed amount as business cash balances but apportioned the remainder as secreted profit without identifying evidence supporting that inference. The assessee's explanation for possessing the notes was reasonable on the available materials. A taxing finding cannot rest on an unreasoned overall impression; consequently, treating the apportioned balance as secreted profit was unsustainable, and the referred question was 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