https://www.taxtmi.com/caselaws?id=303701 An assessee who fails to prove the source and nature of high denomination notes can be subjected to an adverse inference that the receipt is income in character. The assessee's shifting explanations and inability to establish a credible source justified rejection of the explanation, and the Tribunal was entitled to make a reasonable estimate from the surrounding circumstances, including the assessee's status, habits, and expenses. As the matter remained one of fact and disclosed no error of law, the finding that the amount was assessable income was upheld in favour of the Revenue. en-us Tue, 19 Oct 1954 00:00:00 +0530 Sat, 06 Aug 2022 15:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303701 An assessee who fails to prove the source and nature of high denomination notes can be subjected to an adverse inference that the receipt is income in character. The assessee's shifting explanations and inability to establish a credible source justified rejection of the explanation, and the Tribunal was entitled to make a reasonable estimate from the surrounding circumstances, including the assessee's status, habits, and expenses. As the matter remained one of fact and disclosed no error of law, the finding that the amount was assessable income was upheld in favour of the Revenue. Case-Laws Income Tax Tue, 19 Oct 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303701