https://www.taxtmi.com/caselaws?id=55001 Requisition under section 132A requires objective material showing a bona fide belief that the assets represent undisclosed income, and mere possession of cash by identifiable persons was insufficient where they promptly claimed ownership and explained the source. On those facts, the authorisation was held invalid. The three individuals also did not constitute an Association of Persons because there was no reliable evidence of a common design, joint venture, or conscious agreement; joint possession of cash alone did not establish that status. The same cash, already assessed in the hands of the individuals, could not be taxed again in the hands of an AOP without a separate legal basis. The block assessment in AOP status was quashed, and the interest levy did not survive. en-us Thu, 20 Jan 2005 00:00:00 +0530 Mon, 25 Jun 2012 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55001 Requisition under section 132A requires objective material showing a bona fide belief that the assets represent undisclosed income, and mere possession of cash by identifiable persons was insufficient where they promptly claimed ownership and explained the source. On those facts, the authorisation was held invalid. The three individuals also did not constitute an Association of Persons because there was no reliable evidence of a common design, joint venture, or conscious agreement; joint possession of cash alone did not establish that status. The same cash, already assessed in the hands of the individuals, could not be taxed again in the hands of an AOP without a separate legal basis. The block assessment in AOP status was quashed, and the interest levy did not survive. Case-Laws Income Tax Thu, 20 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55001