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2012 (10) TMI 86 - ITAT AHMEDABADDisallowance u/s 68 - Can the amount of share money be regarded as undisclosed income u/s 68 – AO made addition of unexplained share application money u/s 68 - Held that:- As there is no dispute about the fact that names and addresses of the persons from whom share application money was received by the assessee company are on record, thus, the identity of the subscribers is not in dispute. Addition is to be restricted to the extent of only those applicants of shares who have denied to have made any investment in the share of the company following the decision of SC in case of Lovely Export Pvt. Ltd. (2008 (1) TMI 575). Revenue appeal partly allowed. Penalty u/s 271(1)(c) on account of unexplained share application money - Held that:- As the addition on account of unexplained share application money has been confirmed by ITAT. The explanation-1 to section 271(1)(c) of the Act is attracted. Therefore AO is directed to recalculate the penalty accordingly. Appeal partly allowed.
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