https://www.taxtmi.com/caselaws?id=12043 The court upheld the decisions of the lower authorities, dismissing the applicant's contentions. It affirmed the treatment of closing balance as the opening balance of the subsequent year and the classification of unexplained money under section 69A of the Income-tax Act. The court rejected the argument of potential double taxation, emphasizing the necessity of providing satisfactory explanations in tax assessments and holding that the burden of proof regarding ownership of the money rested with the assessee. en-us Tue, 14 Jan 2003 00:00:00 +0530 Tue, 16 Feb 2010 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12043 The court upheld the decisions of the lower authorities, dismissing the applicant's contentions. It affirmed the treatment of closing balance as the opening balance of the subsequent year and the classification of unexplained money under section 69A of the Income-tax Act. The court rejected the argument of potential double taxation, emphasizing the necessity of providing satisfactory explanations in tax assessments and holding that the burden of proof regarding ownership of the money rested with the assessee. Case-Laws Income Tax Tue, 14 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12043