https://www.taxtmi.com/caselaws?id=179116 Circumstantial material was sufficient to support the Tribunal's finding that the proceeds of the high denomination notes encashed in the assessee's wife's name ily belonged to the assessee and were taxable as income from undisclosed sources. The surrounding facts, including the assessee's own unexplained holdings, the absence of any credible source for the wife's ownership, and the lack of supporting evidence, justified the inference. Amount treated as income from undisclosed sources could not also be characterised as business profits for excess profits tax purposes without evidence to support that characterisation. The first issue was answered against the assessee and the second in his favour. en-us Tue, 13 Nov 1951 00:00:00 +0530 Sat, 20 Feb 2016 14:36:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179116 Circumstantial material was sufficient to support the Tribunal's finding that the proceeds of the high denomination notes encashed in the assessee's wife's name ily belonged to the assessee and were taxable as income from undisclosed sources. The surrounding facts, including the assessee's own unexplained holdings, the absence of any credible source for the wife's ownership, and the lack of supporting evidence, justified the inference. Amount treated as income from undisclosed sources could not also be characterised as business profits for excess profits tax purposes without evidence to support that characterisation. The first issue was answered against the assessee and the second in his favour. Case-Laws Income Tax Tue, 13 Nov 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179116