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Among others Special Investigation Team (SIT) calls for greater vigilance by law enforcement and intelligence agencies while examining the cases of persons holding Directorship in more than 20 Companies and where more than 20 companies are operating from the same address

Dated:- 3-11-2015 - The Special Investigation Team (SIT) in its Third Report had observed the following with respect to Shell Companies and Beneficial Ownership: Shell Companies and beneficial ownership (Reference p. 73-76 of the Third SIT Report) The Report of the Committee headed by Chairman, CBDT on Measures to tackle Black Money in India and Abroad submitted in 2012 observed as follows: 3.4 The primary method of generation of black money remains suppression of receipts and inflation of expen .....

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s these persons are of very modest means, upon investigation, they tend to leave the business and migrate from the city where they operate. This is one of the reasons for a proportion of income tax arrears attributed to assessee not traceable . 3.7 Similarly, there are other categories of small entry operators , who provide accommodation entries by accepting cash in lieu of cheque/ demand draft given as loans/advances/share capital, etc and thereby launder large sums of money at miniscule commis .....

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ed in a number of high profile cases investigated or under investigation in the recent past. The strategy to curb this menace has to be twofold: (i) Proactive detection of creation of shell companies: This would involve intelligence gathering through regular data mining and dissemination of information gathered to various law enforcement agencies for active surveillance. (ii) Deterrent penal action against persons involved in creation of shell companies and providing accommodation entries. The f .....

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e indicators are illustrative in nature and the SFIO office can prepare a set of indicators based on its own experience and consultation with other law enforcement agencies like CBDT, ED and FIU. (ii) Sharing of information on such high risk companies with law enforcement agencies: Once certain companies are identified through data mining above, the list of such high risk companies should be shared with CBDT and FIU for closer surveillance. (iii) In case after investigation/assessment by CBDT, a .....

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