https://www.taxtmi.com/caselaws?id=55546 A contemporaneous admission during search that primary gold belonged to the assessee and was not recorded in the books, coupled with an unconvincing later retraction and no independent corroboration for the family-origin explanation, justified treating it as unexplained investment and sustaining the addition. By contrast, gold ornaments found at the shop of the assessee's major son could not be assessed in the assessee's hands where the son carried on an independent business, was separately assessed, and the Revenue failed to prove that the ornaments were the assessee's assets; that addition was deleted. en-us Tue, 10 Jun 1997 00:00:00 +0530 Sat, 27 Nov 2010 16:26:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55546 A contemporaneous admission during search that primary gold belonged to the assessee and was not recorded in the books, coupled with an unconvincing later retraction and no independent corroboration for the family-origin explanation, justified treating it as unexplained investment and sustaining the addition. By contrast, gold ornaments found at the shop of the assessee's major son could not be assessed in the assessee's hands where the son carried on an independent business, was separately assessed, and the Revenue failed to prove that the ornaments were the assessee's assets; that addition was deleted. Case-Laws Income Tax Tue, 10 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55546