https://www.taxtmi.com/caselaws?id=37160 Unexplained cash credits in the books are to be explained by the assessee, because the relevant facts lie especially within the assessee's knowledge. If the explanation is unsatisfactory, the credits may be treated as income of that year. A later attempt to characterise the credits as arising from earlier-year earnings depends on the material before the assessing authorities and Tribunal, including the assessee's prior stand and any connection between the credits and alleged prior availability of funds. An estimated addition in an earlier year does not, by itself, compel automatic set-off against unexplained credits in a later year; the set-off claim was rejected. en-us Fri, 12 Aug 1966 00:00:00 +0530 Sat, 27 Mar 2010 10:39:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37160 Unexplained cash credits in the books are to be explained by the assessee, because the relevant facts lie especially within the assessee's knowledge. If the explanation is unsatisfactory, the credits may be treated as income of that year. A later attempt to characterise the credits as arising from earlier-year earnings depends on the material before the assessing authorities and Tribunal, including the assessee's prior stand and any connection between the credits and alleged prior availability of funds. An estimated addition in an earlier year does not, by itself, compel automatic set-off against unexplained credits in a later year; the set-off claim was rejected. Case-Laws Income Tax Fri, 12 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37160