https://www.taxtmi.com/caselaws?id=28293 The High Court of BOMBAY held that the cotton bales pledged by the assessee represented its income assessable under section 69 of the Income-tax Act, 1961. The Court rejected the assessee's claims regarding ownership of the goods and upheld the addition of the value of the excess stock to the assessee's income. The Court found no basis to conclude that the assessee's explanation was true and dismissed allegations of the decision being based on suspicion. The assessee was directed to pay the costs of the reference to the Commissioner. en-us Thu, 29 Jul 1982 00:00:00 +0530 Sat, 20 Feb 2010 12:09:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28293 The High Court of BOMBAY held that the cotton bales pledged by the assessee represented its income assessable under section 69 of the Income-tax Act, 1961. The Court rejected the assessee's claims regarding ownership of the goods and upheld the addition of the value of the excess stock to the assessee's income. The Court found no basis to conclude that the assessee's explanation was true and dismissed allegations of the decision being based on suspicion. The assessee was directed to pay the costs of the reference to the Commissioner. Case-Laws Income Tax Thu, 29 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28293