https://www.taxtmi.com/caselaws?id=9880 Where valuable articles are found in an assessee's possession, the assessee must explain their source, and the burden is not displaced merely by asserting later claims. In the present discussion, newly made gold ornaments were found during a search, while the contemporaneous statement at the shop supported the inference that the articles were still under preparation and not shown to belong to third parties. Because the later explanation lacked reliable supporting records, the adverse inference was sustained and the value of the gold was treated as undisclosed income. The note also emphasises that the status of alleged claimants does not by itself prove ownership without credible evidence. en-us Tue, 27 Jun 2006 00:00:00 +0530 Tue, 20 Sep 2011 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9880 Where valuable articles are found in an assessee's possession, the assessee must explain their source, and the burden is not displaced merely by asserting later claims. In the present discussion, newly made gold ornaments were found during a search, while the contemporaneous statement at the shop supported the inference that the articles were still under preparation and not shown to belong to third parties. Because the later explanation lacked reliable supporting records, the adverse inference was sustained and the value of the gold was treated as undisclosed income. The note also emphasises that the status of alleged claimants does not by itself prove ownership without credible evidence. Case-Laws Income Tax Tue, 27 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9880