https://www.taxtmi.com/caselaws?id=9216 Estimation of undisclosed income may be sustained where admissions or other rational material permit an objective estimate; the Court upheld an assessed addition for currency smuggling on that basis. Where the true nature of a transaction shows loss incidental to the taxpayer's business, substance prevails over accounting form and the claimed loss is allowable as a business (revenue) loss. An assessable addition does not automatically prove deliberate concealment; absent unequivocal admission or independent incriminating material, penalties for concealment cannot be imposed. Outcome: addition partly sustained, trading loss allowed, concealment penalties quashed. en-us Tue, 21 Aug 1973 00:00:00 +0530 Sat, 20 Jun 2009 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9216 Estimation of undisclosed income may be sustained where admissions or other rational material permit an objective estimate; the Court upheld an assessed addition for currency smuggling on that basis. Where the true nature of a transaction shows loss incidental to the taxpayer's business, substance prevails over accounting form and the claimed loss is allowable as a business (revenue) loss. An assessable addition does not automatically prove deliberate concealment; absent unequivocal admission or independent incriminating material, penalties for concealment cannot be imposed. Outcome: addition partly sustained, trading loss allowed, concealment penalties quashed. Case-Laws Income Tax Tue, 21 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9216