https://www.taxtmi.com/caselaws?id=255536 Addition under section 69A for seized jewellery could not be sustained solely on the basis of the assessee's physical possession. The assessee claimed the jewellery belonged to his company, and the record showed the company had asserted ownership, but the decisive question was whether the jewellery was accounted for in the company's books. As the lower authorities had not verified the company's books, ownership could not be conclusively determined. The addition was therefore set aside for limited fresh verification and the matter restored to the Assessing Officer. en-us Fri, 09 Jan 2015 00:00:00 +0530 Tue, 20 Jan 2015 07:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255536 Addition under section 69A for seized jewellery could not be sustained solely on the basis of the assessee's physical possession. The assessee claimed the jewellery belonged to his company, and the record showed the company had asserted ownership, but the decisive question was whether the jewellery was accounted for in the company's books. As the lower authorities had not verified the company's books, ownership could not be conclusively determined. The addition was therefore set aside for limited fresh verification and the matter restored to the Assessing Officer. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255536