https://www.taxtmi.com/caselaws?id=768700 The HC set aside ITAT's order deleting additions under sections 69-A and 69-C of the Income Tax Act. The case involved a complex money laundering scheme where the assessee allegedly created 13 shell companies to convert black money into white through M/s Prime Ispat Limited. Search operations revealed substantial unaccounted capital sourced from villagers and individuals with inadequate means. Key witnesses admitted to creating entities for tax evasion under the assessee's direction, opening 230 bank accounts for fund conversion. The HC found ITAT failed to properly appreciate crucial evidence including witness statements and the fund circulation scheme. The matter was remanded to CIT(A) for fresh consideration of all evidence and grounds raised by Revenue. en-us Thu, 03 Apr 2025 00:00:00 +0530 Fri, 11 Apr 2025 08:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768700 The HC set aside ITAT's order deleting additions under sections 69-A and 69-C of the Income Tax Act. The case involved a complex money laundering scheme where the assessee allegedly created 13 shell companies to convert black money into white through M/s Prime Ispat Limited. Search operations revealed substantial unaccounted capital sourced from villagers and individuals with inadequate means. Key witnesses admitted to creating entities for tax evasion under the assessee's direction, opening 230 bank accounts for fund conversion. The HC found ITAT failed to properly appreciate crucial evidence including witness statements and the fund circulation scheme. The matter was remanded to CIT(A) for fresh consideration of all evidence and grounds raised by Revenue. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768700