Tag: shell companies

Identity capacity and genuineness of creditors fell apart when shareholder companies was found to be non-existent – High Court  In a recent judgment, Hon’ble High Court of Chhattisgarh has confirmed the addition on account of share application money received from bogus shell companies observing that proof of identity …

Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies In a recent case, the Hon’ble Allahabad High Court has stated that merely because the directors of the two companies are common may have given rise to suspicion …

Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be a good reason for examining source but certainly not conclusive.  ABCAUS Case Law Citation: ABCAUS 2963 (2019) (05) ITAT In the instant appeal filed by the Revenue before …

Verification of cash deposits/withdrawals from bank accounts of struck-off companies particularly during demonetisation-CBDT Instruction Lately, the Registrar of Companies (RoCs), all over the country,  took action against a number of  companies  under  section  248(5)  of  the  Companies Act, 2013  by removing their  names from the Register of Companies. …

Task Force on Shell Companies has developed a a database of 3 lists, the Confirmed List, Derived List and Suspect List all containing 113946 companies Task Force on Shell Companies takes pro-active and coordinated steps to check the menace of shell companies  • Compilation of a database of …

SEBI suspends trading of securities in 331 shell companies. Trading permitted only on 1st Monday of month. Download Complete list of 331 shell companies SEBI in its communication dated 7th August, 2017 has forwarded a database of 331 shell companies to all Stock Exchanges (i.e. BSE, NSE, MSE …

Task Force on Shell Companies for effectively tackling malpractices. Brief highlights of actions taken against shell companies in recent past  Press Information Bureau  Government of India Ministry of Finance 28-July-2017 15:40 IST ‘Task Force on Shell Companies’ for effectively tackling the malpractices  A ‘Task Force on Shell Companies’ …

Harsh punitive actions against shell companies to prevent misuse for money laundering and tax-evasion for unearthing black money post demonetization Ministry of Finance Press Release Dated: 10-02-2017 Harsh punitive actions to be taken against the deviant Shell Companies including freezing of Bank Accounts, striking off the names of …