https://www.taxtmi.com/caselaws?id=276372 Whether income credited to a business suspense account but found to be from an undisclosed source must be assessed to the business year or the source's financial year: the court treats the undisclosed source as distinct from the cloth business and holds the suspense entry only evidences introduction/disposal into the business, not the source's own accounts. Under the ordinary previous year rule, income of a separate source is assessable to the ordinary financial previous year unless (a) that source's accounts were made up to a different period and (b) the assessee validly elected that period; absent those conditions the income is taxable in the ordinary financial previous year, favouring the assessee. en-us Wed, 23 Mar 1960 00:00:00 +0530 Thu, 08 Nov 2018 14:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276372 Whether income credited to a business suspense account but found to be from an undisclosed source must be assessed to the business year or the source's financial year: the court treats the undisclosed source as distinct from the cloth business and holds the suspense entry only evidences introduction/disposal into the business, not the source's own accounts. Under the ordinary previous year rule, income of a separate source is assessable to the ordinary financial previous year unless (a) that source's accounts were made up to a different period and (b) the assessee validly elected that period; absent those conditions the income is taxable in the ordinary financial previous year, favouring the assessee. Case-Laws Income Tax Wed, 23 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276372