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2008 (11) TMI 247 - HC - Income TaxAssessee had made investments in time deposits of post offices - investments have not been shown by the assessee in its balance-sheet. - Bank informed that time deposit receipts are lying as securities for the loan advanced by the bank to the assessee - the assessee admits the existence of the TDRs in its name. He has not disclosed the same in its balance-sheet. He does not state that the TDRs are not genuine. He has further not offered any explanation about the sources of investment. - Tribunal did not err in holding that investment in postal time deposits is income from undisclosed sources.
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