Black money invested & remedy available with it department

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2013 Sir,

Mr X is a leading business tycoon in Delhi and is having ample black money. He took an Insurance Plan where he is supposed to invest his black money. (He has managed the Insurance Company's Officers and has not given them PAN). He wanted to show it as income earned out of Agriculture. He has shown enough Agricultural Land holding so as to repeal any doubt in the mind of any layman. Even that Agricultural land is also ancestral which was transferred after the death of his father of by way of gift from his father and he has not bought a single piece of agricultural land thereby not leaving a trail of his presence in Land Registry Office. He will wisely and smartly manage the Agricultural Receipts (Patti) yearwise. He is supposed to pay Rs 90.00 Lakhs over first 6 years. After 6 years for next 14 years that money will remain invested with the said Insurance company. In the 20th year he will be in receipt of Rs 3.00 crores. My question is WHETHER INCOME TAX DEPARTMENT CAN ISSUE ANY KIND OF NOTICE for this Rs 90.00 lakh invested under any Section of Income Tax Act?

As IT Dept cannot issue notice beyond 6 years, what remedy lies with the department.

Kindly Reply with Section Numbers and decided Case law if any.