https://www.taxtmi.com/caselaws?id=118230 An acquittal in proceedings under section 124 of the Bombay Police Act, 1951 does not determine income-tax treatment of cash found in possession. Section 69A of the Income-tax Act, 1961 operates independently, so the assessee must separately explain ownership and source of the money. Affidavits or statements from alleged contributors are only corroborative unless the deponents are produced and the material is properly verified. Possession may also attract the evidentiary presumption under section 110 of the Indian Evidence Act, 1872. Where the assessee is not given adequate opportunity to secure supporting witnesses, the explanation may require fresh examination by the Assessing Officer. en-us Tue, 30 May 2006 00:00:00 +0530 Fri, 29 Jun 2012 13:09:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118230 An acquittal in proceedings under section 124 of the Bombay Police Act, 1951 does not determine income-tax treatment of cash found in possession. Section 69A of the Income-tax Act, 1961 operates independently, so the assessee must separately explain ownership and source of the money. Affidavits or statements from alleged contributors are only corroborative unless the deponents are produced and the material is properly verified. Possession may also attract the evidentiary presumption under section 110 of the Indian Evidence Act, 1872. Where the assessee is not given adequate opportunity to secure supporting witnesses, the explanation may require fresh examination by the Assessing Officer. Case-Laws Income Tax Tue, 30 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118230