https://www.taxtmi.com/caselaws?id=185816 An unexplained credit entry claimed as sale proceeds of a capital asset was treated as taxable income when the assessee failed to prove the asserted source. The Court held that facts within the assessee's special knowledge had to be explained by that assessee, and under the evidence rule the burden lay on the person asserting the capital origin of the credit. As the explanation that the receipt came from sale of a diamond necklace was rejected and fresh material did not displace that finding, the taxing authority could infer undisclosed income and assess it under the head of income from other sources. en-us Wed, 22 Feb 1956 00:00:00 +0530 Mon, 29 Aug 2016 17:14:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185816 An unexplained credit entry claimed as sale proceeds of a capital asset was treated as taxable income when the assessee failed to prove the asserted source. The Court held that facts within the assessee's special knowledge had to be explained by that assessee, and under the evidence rule the burden lay on the person asserting the capital origin of the credit. As the explanation that the receipt came from sale of a diamond necklace was rejected and fresh material did not displace that finding, the taxing authority could infer undisclosed income and assess it under the head of income from other sources. Case-Laws Income Tax Wed, 22 Feb 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185816