Addition justified for Receipt of share application money if Genuineness and creditworthiness not proved

M/s. Moira Steel Ltd Vs DCIT (ITAT Indore) Apart from furnishing the financial statement, bank statements and income tax returns assessee could not produce any of the Principal Officer of the company. Detailed investigation was carried out by Ld. Assessing Officer giving no positive results favouring assessee. A perusal of the financial statement shows that in the case of BPO Finance & Investments Pvt. Ltd there is no turnover during the year. Petty expenses of Rs.57,531/- were incurred against NIL revenue and net loss of Rs.57,531/- was carry forwarded. As against this picture of Profit &...