https://www.taxtmi.com/caselaws?id=49413 Unexplained cash credits in an assessee's books must be explained by the assessee, and failure to prove the source permits the revenue to treat the amount as taxable income. The text also distinguishes between questions of fact and questions of law in reference proceedings: whether an inference about undisclosed income is referable depends on the nature of the inference, and a fact-based inference is final at Tribunal level. It further states that estimated computation of disclosed business income does not bar separate treatment of credit entries as income from an undisclosed source, because the source of each receipt must be determined on the evidence. en-us Fri, 08 Feb 1963 00:00:00 +0530 Tue, 21 May 2024 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49413 Unexplained cash credits in an assessee's books must be explained by the assessee, and failure to prove the source permits the revenue to treat the amount as taxable income. The text also distinguishes between questions of fact and questions of law in reference proceedings: whether an inference about undisclosed income is referable depends on the nature of the inference, and a fact-based inference is final at Tribunal level. It further states that estimated computation of disclosed business income does not bar separate treatment of credit entries as income from an undisclosed source, because the source of each receipt must be determined on the evidence. Case-Laws Income Tax Fri, 08 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49413