https://www.taxtmi.com/caselaws?id=30054 KVPs and NSCs found in a person's possession during search attract the statutory presumption that they belong to that person, unless displaced by material at the appropriate stage. The petitioner's claim that some instruments stood in other names and were pledged articles did not rebut the presumption on the facts stated, and the question of third-party ownership was left for assessment. Retention of the seized securities for that purpose was treated as consistent with the statutory scheme governing assessment, retention and release, so the seizure and continued refusal to release the instruments were upheld as lawful. en-us Thu, 03 Apr 2008 00:00:00 +0530 Mon, 04 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30054 KVPs and NSCs found in a person's possession during search attract the statutory presumption that they belong to that person, unless displaced by material at the appropriate stage. The petitioner's claim that some instruments stood in other names and were pledged articles did not rebut the presumption on the facts stated, and the question of third-party ownership was left for assessment. Retention of the seized securities for that purpose was treated as consistent with the statutory scheme governing assessment, retention and release, so the seizure and continued refusal to release the instruments were upheld as lawful. Case-Laws Income Tax Thu, 03 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30054