Assessee-company having shown receipt of huge amount on account of convertible equity warrants from companies operated by an entry operator Shri Shirish Chandrakant Shah which have shown negligible income, meagre capital and no business history commensurate with the quantum of investment, the AO was justified in treating the impugned amount as unexplained income of the assessee; since the assessee, doing independent business, having independent directors unrelated to Shri Shirish Chandrakant Shah and there is no contract, no instruction and no correspondence indicating that the assessee was acting on behalf of another entity; the assessee is to be regarded as the true economic owner of the money and cannot be treated as a conduit. The order of the Assessing Officer was affirmed.  (AY.2014-15)