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2018 (4) TMI 11 - ITAT DELHIDisallowance u/s 68 on account of sale of shares - parties to whom shares were sold did not respond to the notices issued under section 133(6) - Held that:- It is undisputed fact that the necessary details as the confirmation and contract notes were duly filed by the assessee in respect of the aforesaid parties and no defect of whatsoever was pointed out by the lower authorities. On specific question from the Bench to the learned DR about the remand report submitted by the AO, the learned DR has not pointed out any defect.Assessing Officer was not able to brought anything on record that it was assessee’s own money which was rooted in the form of share application money, thus addition to be deleted - Decided in favour of assessee Disallowance of expenses as no activity was carried on by the assessee - Held that:- In the instant case, the assessee has claimed certain expenses to keep the status of the assessee-company active. These expenses were claimed as business loss under the head “business and profession”. It is well settled law that a private limited company being a body corporate has to incur certain expenses to keep its status active. In this regard, we find support and guidance from the judgment of Hon'ble Calcutta High Court in the case of CIT vs. Ganga Properties Ltd.(1989 (5) TMI 10 - CALCUTTA High Court) - Decided in favour of assessee.
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