https://www.taxtmi.com/caselaws?id=194386 The Tribunal held that the gold ornaments found in possession of the assessee should be taxed as his income under Section 69A of the Income-tax Act, 1961. Despite attempts to prove ownership by the employer, inconsistencies in evidence and contradictions in statements led to the decision against the assessee. The Tribunal emphasized the importance of maintaining reliable records and upheld the application of legal precedents supporting the presumption of ownership based on possession. As a result, the Revenue's appeal was allowed, setting aside the Commissioner of Income-tax (Appeals) order. en-us Wed, 09 Feb 2011 00:00:00 +0530 Wed, 06 Sep 2017 16:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194386 The Tribunal held that the gold ornaments found in possession of the assessee should be taxed as his income under Section 69A of the Income-tax Act, 1961. Despite attempts to prove ownership by the employer, inconsistencies in evidence and contradictions in statements led to the decision against the assessee. The Tribunal emphasized the importance of maintaining reliable records and upheld the application of legal precedents supporting the presumption of ownership based on possession. As a result, the Revenue's appeal was allowed, setting aside the Commissioner of Income-tax (Appeals) order. Case-Laws Income Tax Wed, 09 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194386