https://www.taxtmi.com/caselaws?id=4208 Section 69A applies only where the revenue establishes that the assessee was the owner of the bullion, jewellery or valuable article; mere possession is not enough. A prior finding under the Gold Control Act that the gold belonged to third parties rebutted any presumption from possession, so additions could not rest on possession alone. The alleged owners' failure to explain their source of acquisition also did not, by itself, prove ownership in the assessee, because a deficient explanation by one person does not automatically fasten income-tax liability on another. On that reasoning, the additions for primary gold and ornaments were held unsustainable. en-us Wed, 18 Oct 2006 00:00:00 +0530 Sat, 09 May 2026 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4208 Section 69A applies only where the revenue establishes that the assessee was the owner of the bullion, jewellery or valuable article; mere possession is not enough. A prior finding under the Gold Control Act that the gold belonged to third parties rebutted any presumption from possession, so additions could not rest on possession alone. The alleged owners' failure to explain their source of acquisition also did not, by itself, prove ownership in the assessee, because a deficient explanation by one person does not automatically fasten income-tax liability on another. On that reasoning, the additions for primary gold and ornaments were held unsustainable. Case-Laws Income Tax Wed, 18 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4208