https://www.taxtmi.com/caselaws?id=182265 An unexplained credit entry in business books may be inferred to represent receipts from undisclosed business activities when the purported creditor is fictitious and the explanation is rejected by the tax authorities. In that situation, the amount can be treated as business income rather than as income from other sources, because the failed explanation does not displace the inference arising from the bookkeeping entry itself. The stated principle is that an unproved or fictitious credit in business accounts may properly be brought into computation as business receipt for tax purposes. en-us Thu, 22 Feb 1962 00:00:00 +0530 Fri, 06 May 2016 11:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182265 An unexplained credit entry in business books may be inferred to represent receipts from undisclosed business activities when the purported creditor is fictitious and the explanation is rejected by the tax authorities. In that situation, the amount can be treated as business income rather than as income from other sources, because the failed explanation does not displace the inference arising from the bookkeeping entry itself. The stated principle is that an unproved or fictitious credit in business accounts may properly be brought into computation as business receipt for tax purposes. Case-Laws Income Tax Thu, 22 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182265