search servey and seizure

such properties but the possibility to the contrary cannot be ruled outspecially when they may be living separately.QV. 5 (In case of ownership of property) What are particulars of purchaseracquisition and sources of investment therein?Ans. The assessee may state the date and mode of acquisition and sources ofpayment which may include payments made by him by cheques or cashout of his savings or any other source which may be stated. New propertymight have been acquired out of sale of an existing one, it may be anancestral property or one received on partition or by way of gift. As to thesources, the answer would vary from case to case. While giving theseanswers, one should always anticipate further enquiries for adducingnecessary evidence in support of his explanation. Sometimes, it may bepossible to produce evidence on the spot, sometimes it may not bepossible to do so. In the latter case, one may always state that he wouldproduce necessary evidence subsequently. Law does not provide forseizure of any immovable property.QV. 6 (Where cash is found) What is the source of money recovered from yourpossession / custody during search?Ans. The assessee should state the sources of amounts recovered from hispossession and custody and not those recovered from the possession orcustody of different persons. From example, he may say “out of totalamount of Rs. 1 lakh, Rs. 50,000 is recovered from my possession, orfrom my bedroom and the balance of Rs. 25,000 is recovered from thepossession of my wife or from her suitcase or almirah as the case may beand Rs. 25,000 from the saving books of my children. He should thenexplain the source of Rs. 50,000 and add that the balance is Stridhan ofhis wife. In case, the money recovered from his possession belongs to theshop/office, he may state the fact. If the money recovered represents thesale proceeds of any property or realisation of LIC policy or recovery of adebt advanced to some other person or advance received in connectionwith some business transaction or if it is withdrawal from the bank or if it issale proceeds of any ornaments or if it is a temporary loan from any friendor relation or business associate, the fact may be stated accordingly.