https://www.taxtmi.com/caselaws?id=49646 Where amounts recorded as credits in a firm's books were not satisfactorily explained by the taxpayer, the legal principle applied permits the tax authority to draw an adverse inference and treat such unexplained receipts as assessable income. The Court accepted factual findings that the proffered explanations (a gift and profits credited through a benamidar partner) were not established, and so upheld the treatment of the specified sums as concealed income, resulting in dismissal of the taxpayer's appeals and taxability of those receipts. 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 Where amounts recorded as credits in a firm's books were not satisfactorily explained by the taxpayer, the legal principle applied permits the tax authority to draw an adverse inference and treat such unexplained receipts as assessable income. The Court accepted factual findings that the proffered explanations (a gift and profits credited through a benamidar partner) were not established, and so upheld the treatment of the specified sums as concealed income, resulting in dismissal of the taxpayer's appeals and taxability of those receipts. Case-Laws Income Tax Wed, 24 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49646