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2006 (12) TMI 492 - HC - Income TaxAddition made as Cash credits u/s 68 - Partner introduced a sum of ₹ 40,000 in her capital account, which is unexplained - Addition can be made in the income of the firm? - Deposited a sum of ₹ 30,000 in her account, received by way of gifts and shaguns at the time of her marriage - HELD THAT:- It is well-settled that whether explanation of the assessee about nature and source of the amounts credited in the books of account was satisfactory is a question of fact. In our recent order Shiv Rice & General Mills v. CIT[2006 (10) TMI 97 - PUNJAB AND HARYANA HIGH COURT], we observed:- " held that findings recorded on cash credits are findings of facts giving rise to no question of law, much less a substantial question of law being the requirement u/s 260A of the Act, for entertainment of the appeal." We are also in agreement with the view taken by the Tribunal that no case was made out for addition to the income of the firm even if deposits made with the firm by the partners were unexplained income of the partners. This view has been taken by us in our recent order passed in CIT v. Metal & Metals of India [2006 (11) TMI 630 - HIGH COURT OF PUNJAB & HARYANA]. Thus, the question referred is answered against the revenue and in favour of the assessee. The reference is disposed of.
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