https://www.taxtmi.com/caselaws?id=3673 Long-term capital gains arising from sale of shares were considered; the commentary states that an assessing officer may not infer payment or purchase by cash on mere surmise or conjecture without cogent material, and therefore reopening assessment or making additions as unexplained income is impermissible where the purchase transactions were not challenged and no fresh evidence exists. The reasoning emphasizes that presumption of cash payment cannot substitute evidentiary proof and that revenue bears the burden of producing material justifying reassessment; absence of such material requires exclusion of unexplained income additions. en-us Thu, 01 Feb 2007 00:00:00 +0530 Fri, 16 Jan 2026 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3673 Long-term capital gains arising from sale of shares were considered; the commentary states that an assessing officer may not infer payment or purchase by cash on mere surmise or conjecture without cogent material, and therefore reopening assessment or making additions as unexplained income is impermissible where the purchase transactions were not challenged and no fresh evidence exists. The reasoning emphasizes that presumption of cash payment cannot substitute evidentiary proof and that revenue bears the burden of producing material justifying reassessment; absence of such material requires exclusion of unexplained income additions. Case-Laws Income Tax Thu, 01 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3673