FINAL ORDER

25.03.2026

Dictated By: Rajesh Malhotra

Present appeal under Section 46 of the Prohibition of Benami Property Transaction Act, 1988, is filed by the Appellant against the Order dated 27.09.2021, passed by the Ld. Adjudicating Authority, in Reference No. 2099/2020, under Section 26(3) of the PBPT Act, 1988, whereby the Provisional Attachment Order dated 29.07.2020 passed by the Initiating Officer (I.O.) under Section 24(3) of PBPT Act, was confirmed qua the following properties:

Cash amounting to Rs. 7.814 Cr. infused in the axis bank account (A/c No. M/s Rishabh 916020057721334) of Trading Company (Proprietorship firm of Sh. Ankit Jain) at 1157/1124 Ground Floor Kucha Mahajani, Chandni Chowk, Delhi-. 110006) converted into cut & polished gem. stones amounting to Rs.1.36 Crores and the amount outstanding with the debtors viz. Shri Mahavir Jewellers (Rs.1,97,40,488/-) and Shri Rajrani Jewellers Private Limited (Rs.99,98,731/-).

Facts of the case

2. As per the facts of the case, a search was conducted in case of Sh. Atul Tyagi, H. No. 202, 2nd Floor, Gali No. 6, Near Mohini Tent House, Rajapuri, New Delhi and his various concerns on 09.12.2016 wherein it was revealed that Sh. Atul Tyagi is involved into the practice of money laundering and providing accommodation entries. One of such beneficiary entities which took accommodation entries in lieu of cash deposited in the bank accounts of the concerns controlled by Sh. Atul Tyagi was M/s Rishabh Trading Co. (Proprietorship concern of Sh. Ankit Jain), 1157/1124, C. F., Kucha Mahajani, Chandni Chowk, Delhi. The name of M/s Rishabh Trading Co. came to the fore during analysis of bank accounts of the concerns controlled by Sh. Atul Tyagi. It was found that M/s Rishabh Trading Co. transferred its unaccounted cash to the Axis Bank account of M/s Mac Allied Sales Corp, a concern controlled by Sh. Atul Tyagi during the demonetization period and Sh. Atul Tyagi received unaccounted cash from Sh. Ankit Jain (Prop. M/s Rishabh Trading Co.) in the demonetized old currency and after depositing it in the bank account of his concern, M/s Mac Allied Sales Corp, M/s Kirpalu Enterprises, M/s Shree Krishna Enterprise and M/s Daksh Tradewell Pvt. Ltd. transferred the same to the beneficiary through RTGS/NEFT in lieu of commission. Details of transaction are as under:

3. During the course of investigation, the statement of Sh. Ankit Jain was recorded on oath u/s 131 (1A) of the Income Tax Act, 1961 on 03.12.2016 wherein Sh. Ankit Jain (Prop. M/s Rishabh Trading Co.) has accepted that he had given his unaccounted cash amounting to Rs. 7,81,40,000/ to Sh. Atul Tyagi, who deposited the same in the bank accounts of the entities managed and controlled by him and further transferred the same into the account of M/s Rishabh Trading Co. as beneficiary. During the course of investigation proceedings under PBPT Act, 1988, Summon was issued to Sh. Ankit Jain (Prop: M/s Rishabh Trading Co.) in response to which he attended the proceedings and filed his submissions. Details of the Income Tax Returns of Sh. Ankit Jian (Prop. M/s Rishabh Trading Co.) is as under:

Comparison of the profit declared over the years in the ITR:

4. In the statement recorded on oath during the search action carried on 09.12.2016, Sh. Atul Tyagi too reiterated the same fact stating that he had no actual business transaction with the party, M/s Rishabh Trading Co. and the cash was deposited and transferred to the beneficiary as an accommodation entry.

5. Approval u/s 23 of the PBPT Act, 1988 was duly granted on 29.03.2018 by the Approving Authority, BPU (Unit2), New Delhi for conducting enquiries in the said reference. Summon was issued to Sh. Ankit Jain (Prop. M/s Rishabh Trading Co.) in response to which he attended the proceedings and filed his submissions from time to time. In his submission dated 16.04.2018, he stated that the unaccounted money of Rs. 7,81,40,000/- earned by him during F.Y. 2016-17 was introduced by him in his own firm M