https://www.taxtmi.com/caselaws?id=9273 Where an assessee's books of account are accepted as genuine and the recorded cash balance on the date of demonetisation is sufficient to cover the high denomination notes later encashed, the enquiry is whether the receipt stands explained, not whether the assessee must prove the source of each note separately. In the absence of tangible material showing the explanation to be false, suspicion or conjecture cannot displace legal evidence. On these facts, the burden did not shift to the assessee to establish a separate source for each note, and the Tribunal's contrary approach was held erroneous. en-us Mon, 15 Apr 1974 00:00:00 +0530 Sun, 21 Jun 2009 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9273 Where an assessee's books of account are accepted as genuine and the recorded cash balance on the date of demonetisation is sufficient to cover the high denomination notes later encashed, the enquiry is whether the receipt stands explained, not whether the assessee must prove the source of each note separately. In the absence of tangible material showing the explanation to be false, suspicion or conjecture cannot displace legal evidence. On these facts, the burden did not shift to the assessee to establish a separate source for each note, and the Tribunal's contrary approach was held erroneous. Case-Laws Income Tax Mon, 15 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9273