https://www.taxtmi.com/caselaws?id=56337 Section 69A applies only where possession of the asset is established so that ownership may be presumed; mere customs confiscation, personal penalty, or association with seized contraband does not by itself prove undisclosed ownership for income-tax purposes, and the addition was deleted. Interest disallowance was upheld where borrowed, interest-bearing funds were diverted to interest-free advances to the assessee's HUF. Interest under section 139(8) was treated as mandatory once statutory conditions were met, while interest under section 215 was to be recomputed consequentially on giving effect to appellate relief. en-us Fri, 12 Oct 1990 00:00:00 +0530 Fri, 03 Dec 2010 11:33:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56337 Section 69A applies only where possession of the asset is established so that ownership may be presumed; mere customs confiscation, personal penalty, or association with seized contraband does not by itself prove undisclosed ownership for income-tax purposes, and the addition was deleted. Interest disallowance was upheld where borrowed, interest-bearing funds were diverted to interest-free advances to the assessee's HUF. Interest under section 139(8) was treated as mandatory once statutory conditions were met, while interest under section 215 was to be recomputed consequentially on giving effect to appellate relief. Case-Laws Income Tax Fri, 12 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56337