Section 68 addition cannot be made when source of sources proved

Veritas (India) Ltd. Vs ACIT (ITAT Mumbai) Conclusion: Assessee had established identity of investors and submitted documents to establish creditworthiness and the certificate issued by the Firm of Accountants for proving the movement of funds from ultimate investors to the foreign companies which establish genuineness of transactions thus,  assessee had discharged initial burden placed upon it under section 68 by proving three main ingredients, accordingly, addition made under section 68 could not be sustained. Held: AO noticed that assessee had received funds aggregating to Rs.50.00 crores ...