The aforementioned suit was contested by the defendants through counsel by taking the plea of limitation, much less, denied the alleged transaction of sale of gold ornaments. It was stated that limitation for recovery of the amount was upto December 2002, which had expired, though transaction was not admitted. It was pleaded that in the year 199798, a scheme was started by the Income Tax Department in the name of voluntary disclosure of income scheme, whereby many tax payers made disclosures of their income and converted their uncounted assets into legal assets and to provide benefit of the aforesaid scheme, the defendant-Manoj Kumar along with his father, namely, Bishan Singh started providing accommodation/book entries of various kinds to different people according to their need on commission basis and their book entries were for long term or short term, capital gains, loans and advances, gifts, taking bogus share profits and bogus sale and purchase of Jewellery etc. The aforementioned illegal acts came to the knowledge of the Income Tax Department, resultantly, a raid was conducted on 03.08.200 in their premises and thereafter, assessment order was passed by the Income Tax Department, but did not know what treatment was given to the beneficiaries in their respective accounts. When the Income Tax Department started verifying
