https://www.taxtmi.com/caselaws?id=28134 The High Court of Madhya Pradesh held that unexplained possession of Rs. 20,000 by the assessee could not be taxed during the assessment year 1973-74. The Income Tax Officer's addition of Rs. 20,000 as income from undisclosed sources was based on the assessee's inability to explain the resources. However, the Court found that the unexplained money should have been assessed in the previous year, and the question raised before the Tribunal met the criteria for reference. Therefore, the Court ruled in favor of the assessee, concluding that the Rs. 20,000 could not be taxed in the said assessment year. en-us Thu, 24 Mar 1983 00:00:00 +0530 Fri, 19 Feb 2010 12:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28134 The High Court of Madhya Pradesh held that unexplained possession of Rs. 20,000 by the assessee could not be taxed during the assessment year 1973-74. The Income Tax Officer's addition of Rs. 20,000 as income from undisclosed sources was based on the assessee's inability to explain the resources. However, the Court found that the unexplained money should have been assessed in the previous year, and the question raised before the Tribunal met the criteria for reference. Therefore, the Court ruled in favor of the assessee, concluding that the Rs. 20,000 could not be taxed in the said assessment year. Case-Laws Income Tax Thu, 24 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28134