Law:

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2008] 300 ITR 372 [2007] 163 TAXMAN 399 (RAJ.) HIGH COURT OF RAJASTHAN Mangilal Agarwal v. Assistant Commissioner of Income-tax RAJESH BALIA AND GOPAL KRISHAN VYAS, JJ. IT APPEAL NO. 9 OF 2001 OCTOBER 18, 2006 Section 69A of the Income-tax Act, 1961 - Unexplained moneys - Assessment year 1988-89 - Whether section 69A cannot be invoked merely on basis that a person is found in possession of any valuable article but it is only on his being further found to be owner of such money, bullion, jewellery or other valuable articles that section 69A can be invoked for raising presumption - Held, yes - Whether on disclaimer by assessee that articles found in his possession during search at his premises do not belong to him, burden lies on revenue to establish ownership of assessee before raising any presumption against him - Held, yes - In a search conducted by customs authorities at premises of assessee, he was found in possession of certain pieces of primary gold and gold ornaments - In respect of gold ornaments, no breach of provisions of Gold Control Act was found on part of assessee by customs authorities and in respect of primary gold, it was categorically found by CEGAT that it was owned by other three persons and not by assessee - Assessing Officer, however, resorted to section 69A for calling upon assessee's explanation about nature and source of acquisition of seized gold and gold ornaments - Assessee reiterated same explanation as was submitted before customs authorities that he received gold ornaments/primary gold from three persons for purpose of making new ornaments through him - Assessee in support of his explanation filed affidavit of said three persons - Assessing Officer after having found certain discrepancies in affidavit of three persons, rejected explanation of assessee and made addition of value of gold, and gold ornaments to income of assessee - Whether merely because persons who claimed to have delivered or claimed to be owner of gold in question had failed to explain source of their acquisition, assessee could not be presumed to be owner of such primary gold and gold ornaments - Held, yes FACTS In a search conducted at the premises of the…

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