https://www.taxtmi.com/caselaws?id=25763 Unexplained valuable property found in an assessee's possession may be presumed to belong to him when no satisfactory explanation rebuts possession and ownership; the value is then includible as income. The watches were found in the assessee's bedroom and he facilitated the search by producing the keys, so the presumption applied and inclusion was justified. Where assessed income substantially exceeds returned income, the statutory explanation to the concealment provision shifts the burden to the assessee to disprove fraud or wilful neglect; the assessee failed to do so, so the concealment penalty was sustained. en-us Tue, 10 Dec 1985 00:00:00 +0530 Sat, 30 Jan 2010 17:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25763 Unexplained valuable property found in an assessee's possession may be presumed to belong to him when no satisfactory explanation rebuts possession and ownership; the value is then includible as income. The watches were found in the assessee's bedroom and he facilitated the search by producing the keys, so the presumption applied and inclusion was justified. Where assessed income substantially exceeds returned income, the statutory explanation to the concealment provision shifts the burden to the assessee to disprove fraud or wilful neglect; the assessee failed to do so, so the concealment penalty was sustained. Case-Laws Income Tax Tue, 10 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25763