https://www.taxtmi.com/caselaws?id=284453 Unexplained cash deposits may be treated as concealed income of the relevant previous year where the assessee's explanation is rejected and surrounding circumstances, including proved suppression of profits and unsatisfactory accounts, support that inference. However, amounts already brought to tax in the assessment cannot be taxed again as concealed income on the same deposits, as that would amount to double taxation. The deposits were therefore treated as concealed income, but the addition was confined to the balance not already assessed, and the assessment was reduced accordingly. en-us Mon, 04 Feb 1957 00:00:00 +0530 Tue, 19 Nov 2019 15:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284453 Unexplained cash deposits may be treated as concealed income of the relevant previous year where the assessee's explanation is rejected and surrounding circumstances, including proved suppression of profits and unsatisfactory accounts, support that inference. However, amounts already brought to tax in the assessment cannot be taxed again as concealed income on the same deposits, as that would amount to double taxation. The deposits were therefore treated as concealed income, but the addition was confined to the balance not already assessed, and the assessment was reduced accordingly. Case-Laws Income Tax Mon, 04 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284453