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Mumbai ITAT Deletes Section 68 Addition Based Solely on Investigation Wing Report
Case Law Details
- Case Name
- ACIT Vs Citygold Investments Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Citygold Investments Pvt. Ltd. (ITAT Mumbai)
Mumbai ITAT Deletes Section 68 Addition as Investigation Wing Report Alone Cannot Dislodge Documented Share Application Transaction
The Mumbai ITAT upheld the deletion of an addition of ₹2.50 crore under section 68 towards share application money, holding that the Assessing Officer cannot treat a transaction as bogus solely on the basis of a general Investigation Wing report without conducting any independent enquiry. The Tribunal noted that the assessee had discharged its initial onus by furnishing confirmation from the investor, PAN, inc...
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