https://www.taxtmi.com/caselaws?id=7778 Where business profits are estimated after rejection of the books, an unexplained cash credit may be treated as absorbed in the trading addition if the factual record supports that inference. On the facts noted, the Tribunal found that the cash deposit was covered by the already sustained business addition, so no separate addition was required. The reference court accepted this as a permissible factual inference rather than a new case, and held that the Tribunal could reach it even though the specific plea had not been raised in the appeal memorandum. The unexplained deposit was therefore excluded from taxable income. en-us Tue, 07 Oct 1969 00:00:00 +0530 Thu, 19 Mar 2009 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7778 Where business profits are estimated after rejection of the books, an unexplained cash credit may be treated as absorbed in the trading addition if the factual record supports that inference. On the facts noted, the Tribunal found that the cash deposit was covered by the already sustained business addition, so no separate addition was required. The reference court accepted this as a permissible factual inference rather than a new case, and held that the Tribunal could reach it even though the specific plea had not been raised in the appeal memorandum. The unexplained deposit was therefore excluded from taxable income. Case-Laws Income Tax Tue, 07 Oct 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7778