https://www.taxtmi.com/caselaws?id=21389 The High Court ruled in favor of the assessee in a case concerning ownership of a bronze Nataraja idol and its pedestal under section 69A of the Income-tax Act. The Court emphasized that possession alone does not establish ownership and highlighted the importance of verifying ownership claims with original documentation. The Court found that the Tribunal erred in presuming the assessee's ownership based solely on possession and not adequately considering the evidence supporting the Chogyal's ownership. Therefore, the Court negated the addition of the idol's value to the assessee's income. en-us Wed, 27 Feb 1991 00:00:00 +0530 Tue, 24 Nov 2009 10:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21389 The High Court ruled in favor of the assessee in a case concerning ownership of a bronze Nataraja idol and its pedestal under section 69A of the Income-tax Act. The Court emphasized that possession alone does not establish ownership and highlighted the importance of verifying ownership claims with original documentation. The Court found that the Tribunal erred in presuming the assessee's ownership based solely on possession and not adequately considering the evidence supporting the Chogyal's ownership. Therefore, the Court negated the addition of the idol's value to the assessee's income. Case-Laws Income Tax Wed, 27 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21389