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2012 (11) TMI 745 - ITAT INDOREAddition in respect of share capital received from subscribers, denying deduction u/s 80IA - assessee has received share application money in cash – alleged that names of the persons are not genuine and it is the unexplained money of the assessee – Held that:- Assessee has discharged its onus by proving the identity of subscribers - once the existence of the investor/share subscribers is proved, onus shifts on the revenue to establish that either the share applicants are bogus or the impugned money belongs to the assessee company itself. Once the confirmation letters are filed, no addition can be made on account of share application money in the hands of the company – In favor of assessee Interest u/s 234B – nature – Held that:- No specific section has been mentioned for charging of interest and merely it has been mentioned that charge interest if any, as per law. However, since the issue of share application has been decided in favour of the assessee and the addition made u/s 68 of the Act has been deleted, therefore, charging of interest is consequential in nature, meaning thereby that it is not leviable/chargeable - if the Assessing Officer was apprehensive of any mala fide on the part of share applicant, he was at liberty to reopen their individual assessments, therefore, there is no justification to make the addition in the hands of the assessee – In favor of assessee Disallowance of Rs. 6,000/- out of telephone and communication expenses, Rs. 5,000/- out of vehicle repair and maintenance expenses, Rs. 3,000/- out of vehicle running expenses and Rs. 6,000/- out of travelling expenses – Held that:- Disallowances were made by the Assessing Officer as necessary bills and vouchers were not filed by the assessee, therefore, expenses were not fully verifiable - no evidence was filed in support of its claim – disallowance deleted
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