Thu. Apr 22nd, 2021

Chain Roop Bhansali vs Union Of India & Ors. on 17 May, 2017

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2. The facts in brief are that on 2nd January, 1995, the Petitioner (Assessee)
filed an application before the Income Tax Settlement Commission („ITSC‟)
under Section 245 C (1) of the Income Tax Act, 1961 („Act‟) for AYs 1985-
86 to 1993-94. A copy of the settlement application has been enclosed with

WP (C) No.5134/2015 Page 1 of 10
the petition. It reveals that the Assessee was a practicing Chartered
Accountant, who was also engaged in money lending business including
providing accommodation loans. A search was conducted on his premises by
the Directorate of Revenue Intelligence on 22nd July, 1986, which resulted in
seizure of multiple documents as well as books of accounts. Certain benami
accounts were also found.

Source: Indian Kanoon

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