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2012 (7) TMI 802 - HC - Income TaxDisallowance u/s 68 - Held that:- As the CIT (A) elaborately took into account considerable material furnished by the assessee including income tax returns, balance sheets, ROC particulars and bank account statements it can be concluded that the share application money or the source of the share application money had been satisfactorily explained - the only sentence in ITAT’s order mentioning that some shareholders were refunded the amounts initially given by them to the assessee should not be a ground to conclude that the findings recorded by the lower authorities are not on the basis of evidence - in favour of assessee. Charging the interest u/s 234B is mandatory and therefore, this plea of appellant is dismissed and interest u/s 234D cannot be levied as interest under section 234D could not be charged in respect of assessment years falling prior to assessment year 2004-05.
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