https://www.taxtmi.com/caselaws?id=39909 Unreliable account books, including suppressed sales, unproved purchases and transactions kept outside the accounts, can justify an estimate of turnover and gross profit on comparable local business material where the estimate is based on relevant considerations and is not arbitrary. A cash credit may also be treated as unexplained income when the assessee fails to establish the creditor's capacity and the explanation is found false; in such circumstances, the characterization does not by itself amount to double taxation unless the amount is shown to have already been assessed as income. en-us Thu, 13 Oct 1966 00:00:00 +0530 Tue, 12 Aug 2014 20:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39909 Unreliable account books, including suppressed sales, unproved purchases and transactions kept outside the accounts, can justify an estimate of turnover and gross profit on comparable local business material where the estimate is based on relevant considerations and is not arbitrary. A cash credit may also be treated as unexplained income when the assessee fails to establish the creditor's capacity and the explanation is found false; in such circumstances, the characterization does not by itself amount to double taxation unless the amount is shown to have already been assessed as income. Case-Laws Income Tax Thu, 13 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39909