Tribunal held that , enquiries made by the AO did not indicate that he has examined all the directors of the all the invested companies. The AO failed to bring out the facts that the said companies were Shell Companies, therefore the matter was remanded back to AO. (AY .2010 – 2011)
Eshan Minerals (P) Ltd. v. Dy. CIT (2018) 161 DTR 369 / 191 TTJ 753 (Pune)(Trib.)
S.68 : Cash credits – Shell companies – Share premium – AO has not investigated the financial activity of companies which have invested in shares hence the matter was remanded to the file of AO.