https://www.taxtmi.com/caselaws?id=285595 Cash credits cannot be treated as undisclosed income unless all material circumstances bearing on their source are examined and the inference rests on evidence rather than conjecture. The court held that the assessee's explanation of borrowings had to be tested against the whole factual background, including prior concealment findings, available funds after earlier assessments and tax liabilities, and whether the wealth statement and earlier additions could reasonably explain the credits. Because the Tribunal had not made that complete and informed appraisal, the finding that the amount represented income from an undisclosed source was unsustainable and was decided in favour of the assessee. en-us Mon, 20 Aug 1962 00:00:00 +0530 Sat, 18 Jan 2020 14:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285595 Cash credits cannot be treated as undisclosed income unless all material circumstances bearing on their source are examined and the inference rests on evidence rather than conjecture. The court held that the assessee's explanation of borrowings had to be tested against the whole factual background, including prior concealment findings, available funds after earlier assessments and tax liabilities, and whether the wealth statement and earlier additions could reasonably explain the credits. Because the Tribunal had not made that complete and informed appraisal, the finding that the amount represented income from an undisclosed source was unsustainable and was decided in favour of the assessee. Case-Laws Income Tax Mon, 20 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285595