https://www.taxtmi.com/caselaws?id=437939 Section 69A applies only where the assessee is found to be the owner of money, bullion, jewellery or another intrinsically valuable movable article, and mere wrongful possession does not satisfy that requirement. A common carrier who retained bitumen without delivery remained a bailee and could not be treated as the owner for deeming income purposes. Applying ejusdem generis and noscitur a sociis, the expression "other valuable article" covers items inherently capable of storing concealed wealth, not an ordinary industrial commodity whose aggregate worth arises only from bulk. On that reasoning, bitumen was outside Section 69A and the addition based on deemed ownership and valuable article treatment was unsustainable. en-us Tue, 16 May 2023 00:00:00 +0530 Wed, 08 Apr 2026 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437939 Section 69A applies only where the assessee is found to be the owner of money, bullion, jewellery or another intrinsically valuable movable article, and mere wrongful possession does not satisfy that requirement. A common carrier who retained bitumen without delivery remained a bailee and could not be treated as the owner for deeming income purposes. Applying ejusdem generis and noscitur a sociis, the expression "other valuable article" covers items inherently capable of storing concealed wealth, not an ordinary industrial commodity whose aggregate worth arises only from bulk. On that reasoning, bitumen was outside Section 69A and the addition based on deemed ownership and valuable article treatment was unsustainable. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437939