Appeals are allowed
Bench: Shri B.M. Biyani & Shri Dinesh Mohan Sinhashri Deepak Soni, Ito-4(3), बनाम/ Prop. Ambalika Jewellers, Bhopal Vs. 18, Chowk Bazar, Bhopal (Pan: Acyps8020J) (Assessee/Appellant) (Revenue/Respondent) Shri Sandeep Kumar Soni, Ito-4(3), बनाम/ Prop. Ambey Jewellers, Bhopal Vs. 18, Chowk Bazar, Bhopal (Pan: Avgps0484F) (Assessee/Appellant) (Revenue/Respondent)
transferred to the bank account of the assessee in garb of 'gift of Rs. 58,60,000/-. From the above discussion, it is apparent that the assessee through above 'circular transaction' has routed his own unaccounted money of Rs. 49,00,000/- which was deposited in the form of specified bank notes in his bank account number 03466238626 maintained with