https://www.taxtmi.com/caselaws?id=71783 The disputed ornaments and related assets were held to be HUF property rather than the assessee's individual wealth, because the explanation was supported by family background, the sale proceeds of an ancestral house, the stated use of those funds in money-lending activity, affidavits, and other documents. The record also showed that the wealth had been returned in HUF status, and that explanation was found consistent with the surrounding circumstances. On that material, the contrary view taken by the lower authorities was not sustained, and the inclusion of the assets in the assessee's individual wealth was rejected. en-us Tue, 15 Jul 1986 00:00:00 +0530 Wed, 27 Apr 2011 10:25:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71783 The disputed ornaments and related assets were held to be HUF property rather than the assessee's individual wealth, because the explanation was supported by family background, the sale proceeds of an ancestral house, the stated use of those funds in money-lending activity, affidavits, and other documents. The record also showed that the wealth had been returned in HUF status, and that explanation was found consistent with the surrounding circumstances. On that material, the contrary view taken by the lower authorities was not sustained, and the inclusion of the assets in the assessee's individual wealth was rejected. Case-Laws Wealth-tax Tue, 15 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71783