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2013 (12) TMI 12 - ALLAHABAD HIGH COURTLoan from parties - amount taken by the partners for investment in the firm - Held that:- All the loans were old and only transfer entries were made during the year under consideration - The ITAT has righlty observed that the amount brought by the partners of the assessee firm in the capital account is to be assessed in their individual hands of of the partners, unless they failed to explain the same properly - No loan has been taken by the assessee firm in its capacity - Decided against Revenue.
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