https://www.taxtmi.com/caselaws?id=56216 Cash found in an assessee's possession can be assessed under section 69A only if the revenue first establishes that the assessee was the owner of unexplained money and that no satisfactory explanation of its nature and source exists. Mere possession creates only a rebuttable presumption of ownership, which may be displaced by credible evidence. Here, the assessee promptly explained that the cash belonged to seven third parties, and that explanation was supported by affidavits, sworn statements, revenue records, and evidence of agricultural receipts. Applying the preponderance of probabilities test, the explanation was accepted and the addition under section 69A was held unsustainable. en-us Tue, 12 Jul 1988 00:00:00 +0530 Thu, 02 Dec 2010 13:33:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56216 Cash found in an assessee's possession can be assessed under section 69A only if the revenue first establishes that the assessee was the owner of unexplained money and that no satisfactory explanation of its nature and source exists. Mere possession creates only a rebuttable presumption of ownership, which may be displaced by credible evidence. Here, the assessee promptly explained that the cash belonged to seven third parties, and that explanation was supported by affidavits, sworn statements, revenue records, and evidence of agricultural receipts. Applying the preponderance of probabilities test, the explanation was accepted and the addition under section 69A was held unsustainable. Case-Laws Income Tax Tue, 12 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56216