https://www.taxtmi.com/caselaws?id=63218 Gold jewellery found in an assessee's premises may be treated as owned by the assessee where supporting records do not establish third-party ownership, but a deemed-income addition under section 69A cannot be made without first giving a proper opportunity to explain the nature and source of acquisition. The matter on gold jewellery was therefore remitted for fresh examination after such opportunity. By contrast, diamond jewellery found during survey was accepted as explained stock because the assessee's approval-based acquisition was corroborated by supplier confirmation, purchase records and cheque payments, and no contrary material displaced that explanation. The deletion of that addition was upheld. en-us Mon, 09 Nov 1992 00:00:00 +0530 Fri, 28 Jan 2011 15:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63218 Gold jewellery found in an assessee's premises may be treated as owned by the assessee where supporting records do not establish third-party ownership, but a deemed-income addition under section 69A cannot be made without first giving a proper opportunity to explain the nature and source of acquisition. The matter on gold jewellery was therefore remitted for fresh examination after such opportunity. By contrast, diamond jewellery found during survey was accepted as explained stock because the assessee's approval-based acquisition was corroborated by supplier confirmation, purchase records and cheque payments, and no contrary material displaced that explanation. The deletion of that addition was upheld. Case-Laws Income Tax Mon, 09 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63218