https://www.taxtmi.com/caselaws?id=172876 Unexplained peak credits in an account maintained in the course of business may be inferred as business receipts and, on the facts, were treated as undisclosed business income. If the amount were instead income from other sources, it would not fall in the relevant assessment year. Each assessment year is a separate proceeding, so an earlier departmental view on the business's separateness did not bind a later year. The concurrent finding that the wife was only a nominal owner and the business belonged to the assessee was treated as a question of fact. Where the business belongs to the assessee, properly ascertained past losses may be set off against current income. en-us Tue, 30 Jul 1963 00:00:00 +0530 Wed, 02 Sep 2015 18:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172876 Unexplained peak credits in an account maintained in the course of business may be inferred as business receipts and, on the facts, were treated as undisclosed business income. If the amount were instead income from other sources, it would not fall in the relevant assessment year. Each assessment year is a separate proceeding, so an earlier departmental view on the business's separateness did not bind a later year. The concurrent finding that the wife was only a nominal owner and the business belonged to the assessee was treated as a question of fact. Where the business belongs to the assessee, properly ascertained past losses may be set off against current income. Case-Laws Income Tax Tue, 30 Jul 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172876