Supreme Court · 2022 INSC 719 · Decided 13 July 2022
Principal Director of Income Tax (Investigation) & ORS. v. Laljibhai Kanjibhai Mandalia
- Court
- Supreme Court of India
- Citation
- 2022 INSC 719 · [2022] 15 S.C.R. 232
- Case number
- CIVIL APPEAL No. 4081/2022
- Decided
- 13 July 2022
- Bench
- HEMANT GUPTA, V. RAMASUBRAMANIAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 132, 133
Headnote
Income Tax Act, 1961: ss. 132 and 133 - Search and Seizure under - Reason to believe -Assessee during the financial year transferred a sum of 10 Crores to a company -Assessee secured the loan by way of property -Assessee became director to the company and ceased to be so the next month - Amount of Rs.10 crores was repaid with interest on different dates and after repayment of the loan, mortgage was released- Assessee filed his income-tax return showing the interest income which has
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