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2012 (11) TMI 760 - AT - Income TaxUnexplained Share Application Money income from undisclosed sources u/s 68 - Following the judgement of Supreme court in case of [CIT Vs. Lovely Exports Pvt. Ltd 2008 (1) TMI 575 - SUPREME COURT OF INDIA] Held that:- if the share application money is received by the assessee-Company from promoters, whose names and PAN are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law and share application money cannot be treated as undisclosed income in favour of assessee. Disallowance of Expenses and Salary and Wages in part Held that:- Order of the CIT(A) on the ground that the disallowance sustained by the CIT(A) is reasonable as the assessee was not able to produce any evidence regarding the genuineness of expenditure even before us during the hearing is confirmed - disallowance only to the extent of 10% of the claim of assessee is sustained - ground of appeal is dismissed in favour of assessee.
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