https://www.taxtmi.com/caselaws?id=333181 For additions under sections 69A and 69C, the Revenue must prove ownership of the assets or that the expenditure was incurred by the assessee. Mere possession of seized gold ornaments, jewellery and silver utensils was insufficient to treat them as undisclosed assets where the assessee consistently claimed to be only a carrier and the record supported that explanation. Likewise, a penalty deposit made to obtain release of goods was not unexplained expenditure when it was explained as having been collected from the concerned traders. The note states that, in a carrier context, statutory penalty and possession alone do not establish tax liability under these provisions. en-us Tue, 23 Aug 2016 00:00:00 +0530 Thu, 06 Oct 2016 12:27:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333181 For additions under sections 69A and 69C, the Revenue must prove ownership of the assets or that the expenditure was incurred by the assessee. Mere possession of seized gold ornaments, jewellery and silver utensils was insufficient to treat them as undisclosed assets where the assessee consistently claimed to be only a carrier and the record supported that explanation. Likewise, a penalty deposit made to obtain release of goods was not unexplained expenditure when it was explained as having been collected from the concerned traders. The note states that, in a carrier context, statutory penalty and possession alone do not establish tax liability under these provisions. Case-Laws Income Tax Tue, 23 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333181