https://www.taxtmi.com/caselaws?id=27760 The court upheld the addition of income under section 69 of the Income-tax Act, 1961, amounting to Rs. 10,060 from undisclosed sources due to the assessee's failure to prove ownership of 80 seized wrist watches. The court rejected the assessee's claim that the confiscated watches should be considered a loss in income computation, emphasizing the lack of evidence and inconsistent contentions. The court ruled in favor of the Income Tax Officer, dismissing the appeals and affirming the addition of income while denying the consideration of the watches as a loss. en-us Tue, 05 Jun 1984 00:00:00 +0530 Mon, 15 Feb 2010 18:26:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27760 The court upheld the addition of income under section 69 of the Income-tax Act, 1961, amounting to Rs. 10,060 from undisclosed sources due to the assessee's failure to prove ownership of 80 seized wrist watches. The court rejected the assessee's claim that the confiscated watches should be considered a loss in income computation, emphasizing the lack of evidence and inconsistent contentions. The court ruled in favor of the Income Tax Officer, dismissing the appeals and affirming the addition of income while denying the consideration of the watches as a loss. Case-Laws Income Tax Tue, 05 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27760