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2006 (10) TMI 100 - HC - Income TaxDuring search custom authorities seized & confiscated the gold & ornaments – but same were released when they failed to prove their ownership to the ornaments – search on basis of presumption that gold belongs to assessee – sec. 69A couldn’t be invoked merely on basis that a person was found in possession of any valuable article if ownership isn’t established – explanation of assessee regarding receipt of gold is satisfactory– value of gold & ornaments couldn’t be taxed in the hands of assessee
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