which he has accepted that companies are actually
controlled by him and the companies are paper/shell companies. Mr.
Manohar Lal Nangalia also categorically accepted ... 2014, wherein he submitted that the companies
are actually controlled by him and these companies are paper/shell
companies. In the statement on oath, Shri
investor companies are paper companies for the reasons as discussed
below:
i. The financial statements of these companies neither show any income ... case, the investor companies have acquired the shares in the assessee
company at high premium. In simple words, the investor companies are
showing receipt
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
shell companies controlled and managed by Sh.
Mukesh Banka were identified. All these companies were categorically
acted by Sh. Mukesh Banka as paper/ shell companies ... course of search operation, the bank accounts of the
paper/ shell companies, controlled and managed by Sh. Mukesh Banka
was requisitioned from respective banks
effect three limbs.
The first limb is the creation of the shell companies with substantial share capital
which is balanced with inventories in the form ... companies to persons who desire to
use such substantial share capital companies for converting their unaccounted
money into accounted funds and use such shell companies
Sadly, there is no clear definition of Shell Company in India. However,
Securities Act enacted in the USA has defined Shell Company as follows ... suitable
definition of Shell companies in the Companies Act and further provide that
financial transactions with such Shell Companies shall be void ab initio
that HR Shell People Support Services is basically the
support provided by the assessee to various HR -related requirements of Shell
group companies. It involves ... offered to its affiliates. The nature of work performed by the Shell group
companies is highly technical in nature. To attract such highly technical staff
that HR Shell People Support Services is basically the
support provided by the assessee to various HR -related requirements of Shell
group companies. It involves ... offered to its affiliates. The nature of work performed by the Shell group
companies is highly technical in nature. To attract such highly technical staff
that HR Shell People Support Services is basically the
support provided by the assessee to various HR -related requirements of Shell
group companies. It involves ... offered to its affiliates. The nature of work performed by the Shell group
companies is highly technical in nature. To attract such highly technical staff
that HR Shell People Support Services is basically the
support provided by the assessee to various HR -related requirements of Shell
group companies. It involves ... offered to its affiliates. The nature of work performed by the Shell group
companies is highly technical in nature. To attract such highly technical staff
