https://www.taxtmi.com/caselaws?id=29554 A finding that money standing in another person's name does not belong to that person does not, by itself, prove that it belongs to the assessee-firm. Where the revenue alleges that apparent ownership is not real, it must independently establish a nexus between the funds and the assessee, even if it relies on circumstantial evidence. The circumstances cited, including overdraft security, later use of the funds, and common control through a family member, were held insufficient to support ownership in the firm. The conclusion that the sum belonged to the assessee-firm was therefore not supported by material on record and was answered against the revenue. en-us Mon, 18 Jan 1982 00:00:00 +0530 Sat, 13 Mar 2010 16:56:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29554 A finding that money standing in another person's name does not belong to that person does not, by itself, prove that it belongs to the assessee-firm. Where the revenue alleges that apparent ownership is not real, it must independently establish a nexus between the funds and the assessee, even if it relies on circumstantial evidence. The circumstances cited, including overdraft security, later use of the funds, and common control through a family member, were held insufficient to support ownership in the firm. The conclusion that the sum belonged to the assessee-firm was therefore not supported by material on record and was answered against the revenue. Case-Laws Income Tax Mon, 18 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29554