AdvertisementACIT 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...