year 2017-
18 in the case of the assessee having traded in cryptocurrency. The
information is summarized as under:
"In this case, information ... both the years, I have entered into transactions of purchase of
cryptocurrency for both the years totalling
alleging the same to be amount invested in
Cryptocurrency merely on the basis of information received from M/s Coinsecure
that the assessee had done ... noted that the assessee, during the year under consideration
purchased CRYPTOCURRENCY of Rs. 1,49,81,040/-.
3.1 During the assessment proceedings, the assessee
sought information
related to a digitally traded currency like Virtual currency / Cryptocurrency that
circulating in the country and outside.
• Regarding Cryptocurrency, a Circular was issued ... Bank of India,
dated 06th April 2018, prohibited banks from dealing in Cryptocurrencies or
offering any services to Customers on them. But Applications like WazirX
basis of aforesaid
observations, the AO made following addition in various cryptocurrencies in
following manner;
Sr. Nature of additions Quantum of
No. addition ... issue of total unexplained investment in all
cryptocurrencies sustained to the extent of Rs. 3,69,68,256/- in the hand of
assessee and allowed
basis of aforesaid
observations, the AO made following addition in various cryptocurrencies in
following manner;
Sr. Nature of additions Quantum of
No. addition ... issue of total unexplained investment in all
cryptocurrencies sustained to the extent of Rs. 3,69,68,256/- in the hand of
assessee and allowed
financial fraud involving Mr.
Bansal, use of fake firms, mule accounts, and cryptocurrency routes.
12. That I respectfully submit that the delay is neither intentional
year
under consideration. The assessee submitted that bit-coin is a valued
cryptocurrency, and in the absence of any specific law banning trading
this regard, the data of total no. of bitcoin miners imported or
cryptocurrency miners imported is not available in this office."
Being dissatisfied
