https://www.taxtmi.com/caselaws?id=177928 Reassessment under section 34(1)(b) was upheld where cash credits and proceeds of sale of gold, though recorded in books, were overlooked in earlier assessments; absence of vouchers, third party sales and circumstances inconsistent with means supported the belief that income escaped assessment, so inclusion as undisclosed income was valid. The Court confirmed the practical burden lies on the assessee to satisfactorily prove lawful sources for cash credits; failure to produce credible evidence permits treating them as undisclosed income. Prior percentage (flat) assessments do not bar addition of independently discovered undisclosed receipts; inclusion does not constitute double taxation where such receipts represent separate sources. en-us Thu, 05 Sep 1957 00:00:00 +0530 Fri, 22 Jan 2016 10:55:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177928 Reassessment under section 34(1)(b) was upheld where cash credits and proceeds of sale of gold, though recorded in books, were overlooked in earlier assessments; absence of vouchers, third party sales and circumstances inconsistent with means supported the belief that income escaped assessment, so inclusion as undisclosed income was valid. The Court confirmed the practical burden lies on the assessee to satisfactorily prove lawful sources for cash credits; failure to produce credible evidence permits treating them as undisclosed income. Prior percentage (flat) assessments do not bar addition of independently discovered undisclosed receipts; inclusion does not constitute double taxation where such receipts represent separate sources. Case-Laws Income Tax Thu, 05 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177928