https://www.taxtmi.com/caselaws?id=8307 High-denomination note encashment requires an assessee to establish a satisfactory source; possession of sufficient money may support the explanation unless it is inherently improbable, while an unexplained receipt may justify an adverse inference. The materials supported rejection of explanations for amounts claimed from the currency office and as cash because reliable proof was absent, sustaining the related addition. However, sale proceeds already established as received in high-denomination notes supported the possibility that a note had been exchanged. Failure to properly evaluate that explanation made the related addition unsustainable. en-us Thu, 17 Apr 1969 00:00:00 +0530 Thu, 09 Apr 2009 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8307 High-denomination note encashment requires an assessee to establish a satisfactory source; possession of sufficient money may support the explanation unless it is inherently improbable, while an unexplained receipt may justify an adverse inference. The materials supported rejection of explanations for amounts claimed from the currency office and as cash because reliable proof was absent, sustaining the related addition. However, sale proceeds already established as received in high-denomination notes supported the possibility that a note had been exchanged. Failure to properly evaluate that explanation made the related addition unsustainable. Case-Laws Income Tax Thu, 17 Apr 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8307