https://www.taxtmi.com/caselaws?id=168781 Amounts earlier added to an assessee's income as unexplained additions, once assessed and taxed as income, are treated as available funds for later investment or advances unless the revenue proves they were diverted or otherwise unavailable. The Madras HC rejected the Tribunal's view that such intangible additions were merely notional and could not represent hard cash. On the facts, the assessee's explanation that later advances were made out of the earlier assessed amounts was consistent with the department's own treatment of those sums as income, so the further additions as income from undisclosed sources were unsustainable. en-us Mon, 10 Dec 1962 00:00:00 +0530 Thu, 26 Mar 2015 14:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168781 Amounts earlier added to an assessee's income as unexplained additions, once assessed and taxed as income, are treated as available funds for later investment or advances unless the revenue proves they were diverted or otherwise unavailable. The Madras HC rejected the Tribunal's view that such intangible additions were merely notional and could not represent hard cash. On the facts, the assessee's explanation that later advances were made out of the earlier assessed amounts was consistent with the department's own treatment of those sums as income, so the further additions as income from undisclosed sources were unsustainable. Case-Laws Income Tax Mon, 10 Dec 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168781