urged that a sum of Rs. 29 lakhs
was unaccounted money obtained by sale of cycle rims and shoe
uppers by the two companies without ... seized by the Income-tax Department as it
belonged to the unaccounted money of his wife. Regarding Rs.
19 lakhs deposited in various branches
device to convert unaccounted money into accounted money under the smoke-screen of competition giving it the appearance of prize money. He found ... colour of prize money. If the assessee had a satisfactory explanation for the money which he had shown as prize money, he could have certainly
assessee should be assessed only on the difference of the peak unaccounted money from year to year ?
2. Whether, on the facts ... addition on the basis of the difference in the peak unaccounted money used from year to year exceeds the extra profit : and
(b) that where
nature. He, therefore, held that the assessee had routed the unaccounted money through NRI a/c to Shri Bhangu by paying him adequate compensation ... gift from Shri Bhangu and observed that the assessee had routed unaccounted money through NRI a/c of Shri Bhangu and it was a very
proven fact on record
that the Beneficiaries had routed their
unaccounted money through the Exit
Providers and claimed the same to be an
exempt LTCG ... Appellant is that it had laundered
it's unaccounted money through bogus
Long Term Capital Gain in PAL scrip. Thus,
the Appellant had failed
large
number of beneficiaries in lieu of unaccounted cash. Thus, in order to convert black
money into white without payment of income-tax, a large ... beneficiaries in order to
facilitate the beneficiaries to convert their black money into white without paying
Income-tax. The AO has narrated the modus operandi
that the assessee had used stock exchange
mechanism to route her unaccounted money by using
scrip of the company M/s. Jackson Investment ... Corporation, that the assessee had used stock exchange
mechanism by routing unaccounted money of the
assessee by using scrip of the company M/s. Jacksop
heading '"measures to prevent generation and
circulation of an unaccounted money" and based on the
same, it was contended that since ... subsidiary
company' cannot be equated with generation and
circulation of unaccounted money, the provisions of section
56(2)(viib) cannot be invoked
additions were
confirmed with the observation that the Respondent had
introduced unaccounted money into the books without paying
taxes. Further appeal filed by the Respondent ... that the Respondent had entered into an agreement to convert
unaccounted money by claiming fictitious LTCG, which is exempt
under Section
year when accused approached
the complainant because it is an unaccounted money and complainant cannot
take help of the court to recover unaccounted money. Further ... complainant to recover
unaccounted money and the bank statements filed by the complainant are
irrelevant when the money is unaccounted money. It has been further
