High Court Rules in Favor of Revenue in Tax Evasion Case Involving Amalgamation and Unaccounted Cash Transfers u/s 132.

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....Evasion of tax in the guise of Amalgamation - Admittedly the amalgamation though reality was devised to create a smoke screen in the eyes of the Income Tax Department to evade tax on the amounts transferred in cash without proper accounting. But, for the search conduced under Section 132 at the premises of the respective respondents and their Groups namely, Dadha Group and at the premises of M/s.Sun Pharma Industries Limited (SPIL) Group, the truth would have not came to the light. - substantial questions of law answered in favour of the appellant revenue - HC....