https://www.taxtmi.com/caselaws?id=27436 The High Court remanded a case involving the assessment of undisclosed income from copra and oil dealings for the assessment year 1969-70. The Assessing Authority treated unexplained income and cash credits as income from undisclosed sources, resulting in a total assessable income of Rs. 1,53,021. The Appellate Tribunal upheld this decision but noted the possibility of offsetting the unexplained amounts with intangible additions from the previous year. The High Court rejected the argument that unexplained income was covered by intangible additions, emphasizing the need for the assessee to prove the source of income. The case was remanded to the Tribunal for further consideration. en-us Wed, 08 Aug 1984 00:00:00 +0530 Fri, 12 Feb 2010 17:50:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27436 The High Court remanded a case involving the assessment of undisclosed income from copra and oil dealings for the assessment year 1969-70. The Assessing Authority treated unexplained income and cash credits as income from undisclosed sources, resulting in a total assessable income of Rs. 1,53,021. The Appellate Tribunal upheld this decision but noted the possibility of offsetting the unexplained amounts with intangible additions from the previous year. The High Court rejected the argument that unexplained income was covered by intangible additions, emphasizing the need for the assessee to prove the source of income. The case was remanded to the Tribunal for further consideration. Case-Laws Income Tax Wed, 08 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27436