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2012 (8) TMI 800 - AT - Income TaxAddition u/s 68 - unsecured loans - assessee contended the same to share application money received during the last year and not during the year under consideration and transferred to the head “unsecured loan” by passing necessary journal entries during the year - Held that:- It is found that complete details of these share applicants such as name, address and ledger account showing receipt of application money through Banking channels were submitted before the AO to show the identity and genuineness of the transaction. Also, in subsequent AY 2008-09, assessee company has duly issued share certificate to all these share applicants. Confirmations of share applicants and share certificates also furnished. In view of aforesaid and as no new loans were taken during the year, the AO was not justified in making addition u/s 68 - Decided in favor of assessee
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