1983 (2) TMI 12

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..... n the assessee's total income for the assessment year 1969-70 ? and (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the provision of s. 69A was satisfied in regard to the aforesaid addition of Rs. 15,975 ? " There is no dispute in this case as to the factual position. The assessee is a banker and a commission agent for the purchase and sale of gold and gold jewels. On the night of July 31, 1968, the customs officers made a raid in the assessee's residence and found nine gold bars kept concealed in a tin box inside the water drain in the bath room. The assessee, when questioned about the said gold bars, explained before the customs authorities that he had .....

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..... nce the assessee who was found in possession of the gold bars and the cash has not given any acceptable explanation as to whom it belonged, the addition was justified. In this petition, the assessee seeks a reference only on the question whether the value of the gold bars amounting to Rs. 15,975 could be added to the assessee's total income. As already stated, the Tribunal took note of the fact that when the gold bars were seized by the customs authorities, the assessee gave an explanation that the gold bars belonged to some third party, and apart from the explanation given by the assessee before the customs officers, no other evidence was adduced before the income-tax authorities. In the circumstances, the Tribunal felt that there are tw .....

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..... es that the gold bars belonged to some third party, he has himself resiled from that stand and merely said that the old bars did not belong to him. Whatever that be, once the gold bars which are movables, are found to be in the possession of the assessee and admittedly taken from his possession, it is for him to show as to who is the true owner thereof and if lie fails to furnish the name and address of the person who is the owner of the gold bars found in his possession, he cannot disclaim the ownership of the gold bars. The assessee being a person who was in possession of the gold bars at the time of their recovery, the onus is on him to establish as to who is the owner of the property. If he fails to establish the same, then a presumptio .....

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