AO has no power to presume that money found in possession of a person belongs to third person

INCOME TAX: Where AO made additions to income of assessee in respect of cash found during search at residential premises of his father-in-law, since father-in-law of assessee had accepted that cash recovered from his premises belonged to him and also filed his return of income showing said seized cash, impugned addition was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/3119Ghk