1984 (2) TMI 356 - HC - Income Tax

Summary

The High Court of Bombay decided in favor of the assessee in a case involving the possession of contraband gold. The Tribunal found that the assessee was not the owner of the gold but only a carrier, based on evidence of his poor financial condition and lack of ownership indicators. The addition of Rs. 65,000 to the assessee's income was deemed unjustified under section 69A of the IT Act, 1961. The Tribunal's findings were considered to be based on evidence, and the questions were answered in favor of the assessee.