https://www.taxtmi.com/caselaws?id=471068 Disclosed commodity-trading profit accepted as business income cannot be treated as unexplained money where seized cash is explained by that profit and no contrary material disproves the explanation. The amount formed part of the return under profits and gains of business or profession, and the returned income had been accepted. As the income was not characterised as non-business income and its stated source was not rejected on evidence, the conditions for applying the special-rate provision for unexplained money were not satisfied. The profit is therefore assessable as disclosed business income rather than unexplained money. en-us Tue, 01 Apr 2025 00:00:00 +0530 Wed, 19 Aug 2026 18:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471068 Disclosed commodity-trading profit accepted as business income cannot be treated as unexplained money where seized cash is explained by that profit and no contrary material disproves the explanation. The amount formed part of the return under profits and gains of business or profession, and the returned income had been accepted. As the income was not characterised as non-business income and its stated source was not rejected on evidence, the conditions for applying the special-rate provision for unexplained money were not satisfied. The profit is therefore assessable as disclosed business income rather than unexplained money. Case-Laws Income Tax Tue, 01 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471068