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2023 (7) TMI 28 - GUJARAT HIGH COURTAddition u/s 68 - cash capital introduced by partners out of the loan taken by partner from the Bajaj Finserv Ltd. - as submitted that all the partners had bank account, therefore capital could have been introduced through cheque in favour of the firm and assessee did not explain as to when the loan from Bajaj Finserv Ltd. was taken as claimed - ITAT confirmed the finding of the Commissioner observing that the assessee had explained the partners’ source - HELD THAT:- The cash component in which form the capital was introduced in the firm was small compared to the total capital introduced. Secondly, there is no bar against introducing the capital by way of cash. Thirdly, it was shown that the partners had taken loan of Bajaj Finserv Ltd. to the tune of Rs. 4.5 crores, out of which Rs. 4 crores was introduced in the firm by way of capital. ITAT further endorsed the findings of the Appellate Commissioner to note that the partners were assessed to tax and therefore accounts were audited. All these particulars were not doubted even by AO at the time of assessment proceedings, it was observed. The concurrent findings are reasonable and properly arrived at. They are in the nature of findings of facts required to be upheld. No substantial question of law.
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