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Showing contexts for: shell company in Deputy Commissioner Of Income Tax, ... vs M/S Hadoti Punji Vikas Ltd., Kota on 29 March, 2019Matching Fragments
assessee also produced copy of ROC master data wherein all these companies status was shown as active or amalgamated in some of the cases. There is no dispute that all these companies are registered NBFCs and the summons issued by the DDIT(Inv), Kolkata were duly responded by these companies, therefore, even otherwise the existence of these companies are not in dispute. The whole case of the A.O. is based that these are shell companies, however when these companies are registered NBFCs and subjected to scrutiny assessment for all the relevant years and further the ROC is showing the status of these companies as active then in absence of any material to show that these companies are shell companies. The decision of the A.O. is not based on any cogent material or evidence but merely based on the report of the DDIT(Inv.), Kolkata wherein it is alleged that as per the statements of the entry operators who are managing and controlling these companies then indulged in providing accommodations entries in the shape of share application as well as loan etc. We note that in respect of these five companies, the assessee has produced following documents, which are as under:
6.2 Now, coming to the loan from M/s Birla Arts Private Limited no notice under Section 131 or 133(6) of the Act was issued to this company, either by the AO or by the concerned AO or by the DDIT (Inv.) Kolkata. This shows that no independent enquiry was done by the AO to establish that the said companies were shell companies, blind reliance has been placed by the AO on the investigation report of the DDIT, Kolkata. Also, on bare perusal of the assessment order, it is evident that the name of the said companies does not appear in the statement of any of the entry operators as reproduced by the AO in the Assessment Order.
WITH DOSHI GIVEN with M/s The name of
MANAGEMENT ADDRESS Doshi these
PVT LTD) Management dummy
Pvt Ltd which directors are
has been listed in
identified as database,
paper/shell who
company worked/wor
controlled & ks under
managed by different
entry entry
operator operators for
Anand Sharma different
period, the
details of
which has
been given
below in
tabular form.
13 VASUNDHARA AACCV1837B 11A ESPLANADE NOTICE This company PUNAM
ADVISORY PVT LTD EAST 3RD FLOOR, ISSUED U/S is amalgamate RAMANI -
(AMALGAMATED KOLKATA - 700069 131 AT with M/s The name of
WITH DOSHI GIVEN Doshi these
MANAGEMENT ADDRESS Management dummy
PVT LTD) Pvt Ltd which directors are
has been listed in
identified as database,
paper/shell who
company worked/wor
controlled & ks under
managed by different
entry entry
operator operators for
Anand Sharma different
period, the
details of
which has
been given
below in
tabular form.
14 PRITHVI VINIMAY AADCP4531D 11A ESPLANADE NOTICE This company DEEPAK
PVT LTD EAST 3RD FLOOR, ISSUED U/S is TIBREWAL -
(AMALGAMATED KOLKATA - 700069 131 AT amalgamated The name of
DCIT Vs. M/s Hadoti Punji Vikas Ltd.
WITH DOSHI GIVEN with M/s these
MANAGEMENT ADDRESS Doshi dummy
PVT LTD) Management directors are
Pvt Ltd which listed in
has been database,
identified as who
paper/shell worked/wor
company ks under
controlled & different
managed by entry
entry operators for
operator different
Anand Sharma period, the
details of
which has
been given
below in
tabular form.
It may be mentioned here that three companies namely; M/s Bansidhar Advisory Private Limited, M/s Vasundhara Advisory Private Limited, M/s Prithvi Vinimay Private Limited were amalgamated with M/s Doshi Management Pvt Ltd in July 2014 in accordance with permission from Kolkata High Court, whereas the statements entry operator Anand Sharma are dated 02.07.2013 and 06.02.2017 i.e. prior to March 2014 by which M/s Doshi Management Pvt. Ltd. Might have been identified as paper/shell company. Neither statement of Shri Anand Sharma not any list or annexure of said statements indentifying M/s Doshi Management Pvt. Ltd. Is available on record, though it is included in the report of DDIT (Inv.), Unit 1(3), Kolkatta. Therefore, the label of paper/shell company cannot be applied to M/s Bansidhar Advisory Private Limited, M/s Vasundhara Advisory Private Limited, M/s Prithvi Vinimay Private Limited as at the relevant time they were not part of M/s Doshi Management Pvt. Ltd. Moreover, in data base of directorships for these companies; M/s Bansidhar Advisory Private Limited, M/s Vasundhara Advisory Private Limited, M/s Prithvi Vinimay Private Limited as reproduce above also clearly show no direct control or influence of the alleged entry operator Anand Sharma. Similarly, the statement of Ankit Bagri is not implicating M/s Bansidhar Advisory Pvt. Ltd. in any manner as Shell Company. There are no statements from Nawal Kishore Jalan and Pankaj Agarwal on record implicating M/s Vasundhara Advisory Private Limited, M/s Prithvi Vinimay Private Limited as shell companies. 7.3.1 In view of above ground reality I am treating M/s Bansidhar Advisory Private Limited, M/s Vasundhara Advisory Private Limited, M/s Prithvi Vinimay Private Limited not as shell company as treated by the AO as nowhere adverse facts, details and DCIT Vs. M/s Hadoti Punji Vikas Ltd.