Section 68 Addition Deleted – ITAT Says Investigation Wing Report Alone Cannot Prove Bogus Share Capital

NYK Enterprises Pvt. Ltd. Vs ITO (ITAT Delhi) Section 68 Addition Deleted – ITAT Says Investigation Wing Report Alone Cannot Prove Bogus Share Capital The Delhi ITAT deleted additions made u/s 68 towards alleged bogus share application money received by M/s NYK Enterprises Pvt. Ltd., holding that the Assessing Officer merely relied upon Investigation Wing reports relating to the so-called “Jain Brothers” accommodation entry network without conducting any independent enquiry against the assessee. The AO had treated amounts of ₹58.93 lakh and ₹26.50 lakh as unexplained share capita...