https://www.taxtmi.com/caselaws?id=179888 An assessee's explanation for a book entry was rejected, and the tax authorities were entitled to rely on surrounding circumstances to determine its real character. The disputed sum was found to represent suppressed gains from speculative business, not genuine deposits, and it was not shown to have already been included in the flat-rate assessment of trading profits. As a separate inclusion, the amount did not amount to double taxation. The addition was therefore upheld against the assessee. en-us Thu, 18 Mar 1948 00:00:00 +0530 Fri, 11 Mar 2016 15:01:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179888 An assessee's explanation for a book entry was rejected, and the tax authorities were entitled to rely on surrounding circumstances to determine its real character. The disputed sum was found to represent suppressed gains from speculative business, not genuine deposits, and it was not shown to have already been included in the flat-rate assessment of trading profits. As a separate inclusion, the amount did not amount to double taxation. The addition was therefore upheld against the assessee. Case-Laws Income Tax Thu, 18 Mar 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179888