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2014 (1) TMI 693 - AT - Income TaxAddition made u/s 68 of the Act - Onus to prove - The initial burden is upon the assessee to prove the identity of share subscribers and once the identity is proved, in case of bogus investment, addition can be made in their individual capacity and not in the case of the company - even the identity of such shareholders is not proved, thus, the initial onus has not been discharged by the assessee especially when the assessee was confronted with the finding of the commission (Inspector), summons/notices returned unserved and the addresses given by the assessee itself that too at four places were found to be fictitious - The assessee has not given satisfactory evidence to discharge the onus - It has merely given the names of fictitious parties and this is not a sufficient compliance – Decided against Assessee. Disallowance made out of telephone expenses – Held that:- The Assessing Officer made ad hoc disallowance of Rs. 1 lac out of total expenses - no reason has been assigned for making such ad hoc disallowance by the Assessing Officer - the company is a juristic person, no disallowance of personal nature can be made in the case of a company – Decided against Revenue.
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