TMI Blog1986 (1) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee for decision of the following question of law, viz.: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the addition of Rs. 16,000 being the cash found at the residence of the assessee as the assessee's income under section 69A of the Income-tax Act, 1961 The relevant assessment year is 1975-76. The assessee is a partner in variou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e conclusion that the same belonged to him. It was, therefore, treated as the income of the assessee in accordance with section 69A of the Act. The assessee's appeal to the Appellate Assistant Commissioner partly succeeded in this respect. The Appellate Assistant Commissioner accepted the assessee's explanation to the extent of Rs. 5,090 only, but rejected it in respect of the remaining amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal's order on this point requiring decision of this court. Learned counsel for the assessee, however, contended that the requirement of section 69A is that the assessee should be found to be the owner of the money and his mere possession of the cash does not indicate that he was its owner. On this basis, it is contended that a question of law arises inasmuch as section 69A has not been proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xplanation for possession of the cash being rejected, it logically follows that the assessee was the owner of that unaccounted cash found in his possession and this is the conclusion reached by the Tribunal. The decision in J. S. Parkar v. V. B. Palekar [1974] 94 ITR 616 (Bom), relied on by the learned counsel for the petitioner, is distinguishable on facts inasmuch as the inference of ownership ..... X X X X Extracts X X X X X X X X Extracts X X X X
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