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
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
under section
69 treating the investment in Bitcoin as unexplained and further
added Rs. 1,08,917/- as short term capital gain. The assessment ... unexplained investment made in
purchases of 'BITCOINS' which is liable to be deleted.
2. On the facts and in the circumstances
aforesaid entity on the
pretext of receipt of investments for Bitcoin Mining, the Cyber Crime Police Station,
Kohima, Nagaland, registered an FIR No. 03/2021 ... investors with the promises of extremely high returns on
their investments in Bitcoin mining through an App-based token called "HPZ Token
aforesaid entity on the
pretext of receipt of investments for Bitcoin Mining, the Cyber Crime Police Station,
Kohima, Nagaland, registered an FIR No. 03/2021 ... investors with the promises of extremely high returns on
their investments in Bitcoin mining through an App-based token called "HPZ Token
thereafter actively promoted
Korvio by giving presentations to new investors, explaining
Bitcoin, KRO Coin and the returns promised under various
investment packages. He also explained
pursuant to such conspiracy induced
the petitioner to invest money in bitcoin trading in name of Yotemo currency
Services Company with a false assurance
later
came to be known that the accused had purchased 'Bitcoin'
(Crypto Currency) and refused to pay the commission. Co-
accused Kanwar Varinder
card of Walmart, Target,
Walgreens, CVS, Dollar General, HEB Store and
sending Bitcoin QR Code and asking them to
transfer money. Accused persons were acting
