https://www.taxtmi.com/caselaws?id=459365 ITAT Kolkata allowed the assessee's appeal on multiple grounds. Commission expenses of Rs. 15 lakh were allowed following precedent from the same assessee's case for AY 2010-11. Additions on unexplained share capital and share premium were deleted as the assessee discharged its onus to prove identity, creditworthiness, and genuineness of transactions. Disallowances for mediclaim insurance paid through director's credit card and prior period expenses were deleted. Interest on unsecured loans was allowed under section 201 proviso. Share application money addition was deleted. However, weighted deduction under section 35(1)(ii) was disallowed following precedent, and interest on delayed statutory payments remained non-allowable except for income tax interest. en-us Tue, 25 Jul 2023 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459365 ITAT Kolkata allowed the assessee's appeal on multiple grounds. Commission expenses of Rs. 15 lakh were allowed following precedent from the same assessee's case for AY 2010-11. Additions on unexplained share capital and share premium were deleted as the assessee discharged its onus to prove identity, creditworthiness, and genuineness of transactions. Disallowances for mediclaim insurance paid through director's credit card and prior period expenses were deleted. Interest on unsecured loans was allowed under section 201 proviso. Share application money addition was deleted. However, weighted deduction under section 35(1)(ii) was disallowed following precedent, and interest on delayed statutory payments remained non-allowable except for income tax interest. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459365