company. As per the details available, the
assessee has received share capital and share premium
from the following Kolkata based companies which were
proved shell ... share
capital money of Rs.40,00,000/- from Kolkata based shell
companies during the year under consideration.
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share application monies received by the assessee company, from certain companies-
which are no more than typical shell companies, lack bonafides. Learned Departmental
Representative then ... companies with proper net worth and means, these companies are
properly assessed to tax, these companies have not been declared to be shell companies
that there was an
investment of Rs. 39.08 crores by some shell companies in M/s. Prime Ispat
Limited. The Appellants before ... Shell Companies. Notice was
issued to the Shell Companies to show cause from where they have got the
funds to the extent
erred in fact and in law in taxing the
profit of subsidiary company of the Appellant viz. Rubamin FZC situated in UAE, in the
hands ... case on hand has treated the
subsidiary company as shell company on various reasoning but after ignoring certain
undisputed/admitted facts as detailed under
assessment years 2015-16 and 2016-17, from some Kolkata based
shell companies and had also paid interest on such unsecured loans
during the previous ... subject assessment years by holding the lender companies as mere
shell companies or paper companies.
9. Being aggrieved with the action
various lender companies of assessee and Various
layering companies that most of these companies are having very huge share capital,
reserves and surpluS, Loans ... shell/ paper company. The creditworthiness of lender
companies is analysed as supra in the submission of the appellate company. From the chart
received a fund of Rs.25,00,000/-
from these two shell companies. According to the A.O, from a perusal of the records ... from the aforesaid two companies which are Shell companies. According to the A.O,
the modus operandi adopted by the assessee was to bring back
paper companies and finally transferred to the bank
accounts of the beneficiary concerns. The intermediary
companies are mentioned in the database of shell/paper
companies ... paper companies and finally transferred to the bank
accounts of the beneficiary concerns. The intermediary
companies are mentioned in the database of shell/paper
companies
such paper investment in bogus companies which was
simultaneously introduced in the assessee company.
(vi) A list of paper companies in which the investment ... shell/paper companies because some of the
associated companies of investor companies in present case have already been
held as shell companies
accommodation
entries o: bogus billing to various beneficiaries on commission through shell companies managed and controlled
by him viz. 1. Aravinda Infrastructure ... entries of
bogus billing to various beneficiaries through different paper/ bogus/ shell companies controlled by him viz. M/s
Bridge & Building
