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2017 (6) TMI 239 - ITAT DELHIAddition on unexplained cash credits – recovery from existing & accepted sundry debtors as on 31.03.2005 - Held that:- Assessing Officer has not only verified the source of the deposit in the bank account of the assessee, but has also verified the source of said amount of ₹ 50,00,000/- in the hands of Mrs. Janak Gupta. The assessee has discharged its onus in respect of the credit of ₹ 50,00,000/- as far as requirements of Section 68 of the Act are concerned. In such circumstances no addition could have been made in the hands of the assessee. In our opinion, the finding of the Ld. CIT-(A) on the issue in dispute is well reasoned and no interference on our part is required, accordingly we uphold the same. - Decided against revenue
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