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

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....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....