https://www.taxtmi.com/caselaws?id=281177 A presumption under section 132(4A) arises only where possession or control of cash is established in a meaningful sense. On the facts, the surrounding circumstances, contemporaneous statements, account entries and repayment sequence showed that the assessee was merely carrying cash belonging to others, so mere physical possession was insufficient to fasten ownership. Even if the presumption applied, the material on record rebutted it by pointing to the true owners. The Court therefore held that the assessee had successfully displaced the presumption and the issue was decided in favour of the assessee. en-us Thu, 22 Feb 1996 00:00:00 +0530 Thu, 06 Jun 2019 17:42:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281177 A presumption under section 132(4A) arises only where possession or control of cash is established in a meaningful sense. On the facts, the surrounding circumstances, contemporaneous statements, account entries and repayment sequence showed that the assessee was merely carrying cash belonging to others, so mere physical possession was insufficient to fasten ownership. Even if the presumption applied, the material on record rebutted it by pointing to the true owners. The Court therefore held that the assessee had successfully displaced the presumption and the issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 22 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281177