ITAT confirms addition in respect of accommodation entries by Paper/ Shell Companies

M/s Cap Vanijya (P) Ltd. is admittedly a shell/paper company as the director and the controlling person has accepted. As regards Cap Vanijya (P) Ltd. we find that undoubtedly assessee has submitted necessary evidences and details at the primary stage but the Revenue came with a counter to disprove the evidences of assessee with the help of report of Dy. Director of Income-Tax (Inv), Kolkata as well as the statement on oath u/s 131 of the Act of the Director of Cap Vanijya (P) Ltd. and the controlling person Mr. Manoharlal Bangalia clearly accepting this company as a paper/shell company. Revenu...