Assessee cannot resort to sham transactions or colourable devices for avoiding & evading tax

Manoj Anand Vs ACIT (ITAT Panaji) Introduction: In a recent case before the Income Tax Appellate Tribunal (ITAT) Panaji, an appeal by Manoj Anand against allegations of tax evasion involving colourable devices and sham transactions was dismissed. The case revolved around the conversion of unaccounted money through shell companies to give it the appearance of legitimacy. This article provides a detailed analysis of the case and its implications. Detailed Analysis: The appeal before the ITAT Panaji stemmed from an order issued by the Commissioner of Income Tax (Appeals)-2, Panaji (CIT(A)), dated...