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Addition u/s 68 - cash capital introduced by partners shown to be loan taken - 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. - Additions were rightly deleted by the CIT(A) and ITAT - HC
Addition u/s 68 - cash capital introduced by partners shown to be loan taken - 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. - Additions were rightly deleted by the CIT(A) and ITAT - HC
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