https://www.taxtmi.com/caselaws?id=181410 Circumstantial evidence comprising extraordinarily low declared net profit relative to turnover, comparative profit ratios of similar mills, absence of contemporaneous home chest records, unexplained cash credits in family/business accounts, and reconstructed family accounts across years provided a sufficient factual basis to infer undisclosed or secreted business profits; accordingly the credited sum of Rs. 49,300 was held assessable as income and the Tribunal's finding was sustained in favour of the revenue after the assessee was afforded opportunity to explain accounting differences. en-us Wed, 17 Mar 1948 00:00:00 +0530 Sat, 16 Apr 2016 12:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181410 Circumstantial evidence comprising extraordinarily low declared net profit relative to turnover, comparative profit ratios of similar mills, absence of contemporaneous home chest records, unexplained cash credits in family/business accounts, and reconstructed family accounts across years provided a sufficient factual basis to infer undisclosed or secreted business profits; accordingly the credited sum of Rs. 49,300 was held assessable as income and the Tribunal's finding was sustained in favour of the revenue after the assessee was afforded opportunity to explain accounting differences. Case-Laws Income Tax Wed, 17 Mar 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181410