https://www.taxtmi.com/caselaws?id=179893 Rejection of an assessee's explanation for a cash deposit does not, by itself, justify treating the amount as income from a separate undisclosed source. Where the business income has already been estimated after rejection of the books, the authorities need independent material showing another source of income before making a further addition. In the absence of evidence that the assessee carried on any business other than the disclosed one, an unexplained deposit cannot be added separately over and above the estimated business income. The decision therefore rejects any presumption that unexplained money necessarily arose from a source outside the known business. en-us Wed, 11 Jul 1962 00:00:00 +0530 Fri, 11 Mar 2016 15:20:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179893 Rejection of an assessee's explanation for a cash deposit does not, by itself, justify treating the amount as income from a separate undisclosed source. Where the business income has already been estimated after rejection of the books, the authorities need independent material showing another source of income before making a further addition. In the absence of evidence that the assessee carried on any business other than the disclosed one, an unexplained deposit cannot be added separately over and above the estimated business income. The decision therefore rejects any presumption that unexplained money necessarily arose from a source outside the known business. Case-Laws Income Tax Wed, 11 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179893