Modus operandi for tax evasion - Sham transactions - In three ...

Individual Accused of Tax Evasion Claims Rs.25.97 Lakhs Borrowed from 148 People in Three Days.

January 7, 2013

Case Laws Income Tax HC

Modus operandi for tax evasion - Sham transactions - In three days, the assessee himself, who was having no worth, alleged that he borrowed Rs.25.97 lakhs from 148 persons as if every person was waiting for this person to come and demand the money and every person was ready to give him money. This type of modus-operandi can be adopted by many persons. - HC

View Source

← Previous Next →

Modus operandi for tax evasion - Sham transactions - In three ...

Individual Accused of Tax Evasion Claims Rs.25.97 Lakhs Borrowed from 148 People in Three Days.

January 7, 2013

Case Laws Income Tax HC

You may also like:

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

The Lok Sabha passed the Finance Bill 2025 with 35 government amendments, including the abolition of a 6% digital tax on online advertisements. This completes the lower...

Reopening of assessment beyond three years requires sanction from Principal Chief Commissioner of Income Tax, whereas the assessee obtained sanction from Principal...

SC upheld the Tribunal's compensation award in a motor accident death claim, restoring Rs. 58,24,000/- for father and Rs. 93,61,000/- for mother against claimed amounts...

The Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit has been extended for three months beyond 30th September 2024, until 31st December...

The court granted regular bail to the accused in a case involving evasion of GST u/ss 132(1)(d) etc. of the Central Goods and Services Tax Act, 2017. The allegations...

The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...

Appellate Tribunal reduced penalty imposed on company u/s 50 of FERA, 1973 from Rs.2 crores to Rs.2.5 lakhs for contravention regarding two foreign exchange remittances...

The Indian Finance Minister's upcoming FY2025-26 Budget presentation focuses on critical fiscal metrics and consolidation targets. The government aims to reduce fiscal...

Addition of fixed deposits and interest thereon in wife's name was deleted as the Revenue could not controvert that the deposits belonged to the assessee's wife from her...

Reopening of assessment u/s 147 - Individual identity of Section 148 as prevailing prior to amendment - applicability of the newly inserted provisions of Section 148A...

Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

The appellate tribunal examined the penalty imposed on the company and individual for contravention of Section 6(3)(a) of FEMA and Regulations 5, 6, and 13 of the...

Income Tax: Amendment to section 194-IA of Income Tax Act clarifies that for TDS on transfer of immovable property, the consideration shall be aggregate of amounts paid...

RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

Quick Updates: