https://www.taxtmi.com/caselaws?id=288898 Undisclosed profits from an existing business are not a separate source of income merely because they were secreted from the books. The relevant previous year must be determined by reference to the assessee's existing businesses and the valid accounting year option exercised under the Income-tax Act, 1922, rather than by treating the profits as arising in a distinct source or by substituting the financial year. On that basis, the sum of Rs. 19,000 was includible in the assessee's total income for the assessment year 1947-48, and the issue was resolved in favour of the Revenue. en-us Mon, 27 Sep 1954 00:00:00 +0530 Sat, 04 Jul 2020 15:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288898 Undisclosed profits from an existing business are not a separate source of income merely because they were secreted from the books. The relevant previous year must be determined by reference to the assessee's existing businesses and the valid accounting year option exercised under the Income-tax Act, 1922, rather than by treating the profits as arising in a distinct source or by substituting the financial year. On that basis, the sum of Rs. 19,000 was includible in the assessee's total income for the assessment year 1947-48, and the issue was resolved in favour of the Revenue. Case-Laws Income Tax Mon, 27 Sep 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288898