https://www.taxtmi.com/caselaws?id=23949 The High Court of Calcutta addressed the interpretation of unexplained cash credits in a company's business books for the assessment year 1966-67 under section 256(1) of the Income-tax Act, 1961. The Court affirmed the Tribunal's decision that a specific sum credited on the first day of the company's incorporation represented income from other sources, not business income. The income was deemed to be from other sources due to lack of evidence or explanation from the assessee on its source. The judgment favored the Revenue, with no order as to costs. Judge Bhagabati Prasad Banerjee concurred with the decision. en-us Tue, 21 Feb 1989 00:00:00 +0530 Fri, 15 Jan 2010 14:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23949 The High Court of Calcutta addressed the interpretation of unexplained cash credits in a company's business books for the assessment year 1966-67 under section 256(1) of the Income-tax Act, 1961. The Court affirmed the Tribunal's decision that a specific sum credited on the first day of the company's incorporation represented income from other sources, not business income. The income was deemed to be from other sources due to lack of evidence or explanation from the assessee on its source. The judgment favored the Revenue, with no order as to costs. Judge Bhagabati Prasad Banerjee concurred with the decision. Case-Laws Income Tax Tue, 21 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23949