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2013 (12) TMI 133 - AT - Income TaxModus operandi - Providing accomodation entries - Held that:- The assessee has indulged in circular and multiple transactions, by layering through floatation of more than 90 companies - Huge amount of cash has been deposited and transferred to and from assessee's bank account - Tax can be levied only on peak unexplained credit - It is impossible to arrive at the correct assessable amount - The burden of proof is on assessee to prove the chain of transaction, then only correct income can be computed - The isue was set aside for fresh examination.
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