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Section 68 Addition Deleted – ITAT Says Investigation Wing Report Alone Cannot Prove Bogus Share Capital
Case Law Details
- Case Name
- NYK Enterprises Pvt. Ltd. Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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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 unexpla...
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