https://www.taxtmi.com/caselaws?id=49598 The Tribunal's attribution of secreted business profits to an assessee was held to lack evidentiary support where the accepted account books showed substantial cash balances and were treated as genuine. Once part of the explanation for the high-denomination notes was accepted on the strength of those entries, there was no rational basis for rejecting the balance by a rule-of-thumb estimate. Suspicion and conjecture could not replace proof, and a factual finding became vulnerable where it rested on no evidence, irrelevant material, or perversity. On that footing, the conclusion that the amount represented secreted profit could not stand. en-us Thu, 14 May 1959 00:00:00 +0530 Mon, 18 May 2026 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49598 The Tribunal's attribution of secreted business profits to an assessee was held to lack evidentiary support where the accepted account books showed substantial cash balances and were treated as genuine. Once part of the explanation for the high-denomination notes was accepted on the strength of those entries, there was no rational basis for rejecting the balance by a rule-of-thumb estimate. Suspicion and conjecture could not replace proof, and a factual finding became vulnerable where it rested on no evidence, irrelevant material, or perversity. On that footing, the conclusion that the amount represented secreted profit could not stand. Case-Laws Income Tax Thu, 14 May 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49598