assessee also offered the income earned
on account of sale of Bitcoin (crypto currency). The assessee filed the
return of income on 30.12.2021 declaring total ... course of assessment proceedings, it is seen that the
assessee has purchased Bitcoin (Crypto Currency) during F.Y 2015-16,
amounting
Income-tax Act, 1961 being unexplained investment in purchase and sale of Bitcoins, which
addition is contrary to facts, bad in law, the addition made ... that the total investment made by the assessee towards and trading in Bitcoins being
submitted by the assessee that the assessee had traded in Bitcoins thru
a broker M/s Coinsecure (P) ltd. Unfortunately in Apr 2018 there ... Coinsecure, wherein M/s Coinsecure had lost all its
bitcoins, and therefore the broker company had closed its operations, and no
details could be collected
assessee had made transactions in Crypto Currencies by way of
investment in Bitcoins totalling Rs. 1,83,93,490/- during the relevant
year. On perusal ... income of the assesse was not commensurate with investment in
Bitcoins, the proceedings u/s 147 of the Act were initiated and notice
assessee's involvement in
trading, specifically the sale and purchase of bitcoins, with capital gains not
disclosed in the income tax return ... determined that, for the relevant
assessment year, the assessee transacted in bitcoins amounting to ₹18,50,795
yet failed to declare the corresponding capital gains
information, there were a large number of non-
filers who had sold bitcoin. Similarly, the assessee had also sold Bitcoin amounting ... clear that the assessee
had not disclosed the Capital gains arising from Bitcoin sale of 1,40,96,785/- for taxation
purpose. Accordingly, assessment proceedings
Nanjaraj Chandappa vs M/S Bitxoxo Bitcoins Online Pvt. Ltd. on 15 July, 2023
Cause Title/Judgement-Entry KARNATAKA STATE CONSUMER DISPUTES REDRESSAL COMMISSION BASAVA ... road,
Gurappa Avenue, Bangalore-560025 ...........Complainant(s) Versus 1. M/s Bitxoxo Bitcoins Online Pvt. Ltd. Regd. office
action of the Ld. Assessing Officer in treating the sale of bitcoin as
unexplained income and has erred in confirming the addition ... inside information available with the AO that assessee indulged in
transaction of Bitcoins during the financial year and no return of income was filed
deposits and unexplained investments. The assessee being non-
resident individual transacted in Bitcoins.
2
The grounds of appeal read as under: -
1. The impugned order ... income.
Pursuant to receipt of information that the assessee transacted in
Bitcoins, a notice u/s 148A(b) was issued on 24.03.2022 on the ground
income of Rs. 81,510/-. The assessee submitted that he had purchased
Bitcoins during the year from his SBI NRO account as under ... sources. A sum of Rs. 8 Lacs have been transferred to secure
Bitcoin Traders Private Limited and Rs. 2 Lacs have been transferred to Discidium
