Ownership for unexplained articles must reflect real ownership rights, not mere carrier possession, to trigger tax implications. Section 69A applies only where the assessee can properly be regarded as the owner of the item and the item is an other valuable article; a carrier or ... Summary
Ownership for unexplained articles must reflect real ownership rights, not mere carrier possession, to trigger tax implications.
Section 69A applies only where the assessee can properly be regarded as the owner of the item and the item is an other valuable article; a carrier or bailee lacks ownership rights unless wrongful retention or misappropriation confers exclusive control akin to ownership, and an article qualifies as "valuable" by per unit marketability and premium price rather than aggregate value of ordinary low cost goods such as bitumen.
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TaxTMI 
TaxTMI 
