https://www.taxtmi.com/caselaws?id=6969 An addition as undisclosed income cannot be sustained on surmise, conjecture, or arbitrary estimation. Where the assessee offered a reasonable explanation for high denomination notes, supported by a substantial cash balance before demonetisation, the Tribunal could accept part of that explanation but not reject the balance without concrete material. A finding of unexplained income must rest on evidence, not guesswork. On that basis, the balance amount could not be brought to tax as income from an undisclosed source, and the reference was answered in favour of the assessee. en-us Mon, 03 Oct 1966 00:00:00 +0530 Sat, 07 Feb 2009 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6969 An addition as undisclosed income cannot be sustained on surmise, conjecture, or arbitrary estimation. Where the assessee offered a reasonable explanation for high denomination notes, supported by a substantial cash balance before demonetisation, the Tribunal could accept part of that explanation but not reject the balance without concrete material. A finding of unexplained income must rest on evidence, not guesswork. On that basis, the balance amount could not be brought to tax as income from an undisclosed source, and the reference was answered in favour of the assessee. Case-Laws Income Tax Mon, 03 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6969