https://www.taxtmi.com/caselaws?id=49646 Unexplained cash credits in a firm's books may be treated as assessable concealed income where the assessee, a partner, fails to satisfactorily prove the source and nature of the receipts. The assessee's explanations that part of the money came from a family gift and part from benami business profits were rejected on the facts. Once those explanations failed, the taxing authority was entitled to infer that the credits represented undisclosed income, and it was not required to establish a specific alternative source. The finding that the receipts were concealed income was sustained. en-us Wed, 24 Sep 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49646 Unexplained cash credits in a firm's books may be treated as assessable concealed income where the assessee, a partner, fails to satisfactorily prove the source and nature of the receipts. The assessee's explanations that part of the money came from a family gift and part from benami business profits were rejected on the facts. Once those explanations failed, the taxing authority was entitled to infer that the credits represented undisclosed income, and it was not required to establish a specific alternative source. The finding that the receipts were concealed income was sustained. Case-Laws Income Tax Wed, 24 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49646