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of The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for investment is explained as the amount was transferred from M/s. A.R. Constructions' books to the assessee's capital account in the respective firms through book entries. Therefore, the addition u/s 68 is directed to be deleted. Regarding cash deposits as capital investment in a firm, the assessee failed to explain the source and the period for which cash was held before investment. The burden to explain the source lies on the assessee, and the addition is sustained. Concerning unsecured loans received, the amounts were transferred from bank accounts of respective parties, and the sources were not disputed by the Revenue. Therefore, the addition is deleted. Regarding the addition u/s 56(2)(x) for the gift received from the assessee's father's HUF, the assessee does not fall within the definition of a relative u/s 56. Hence, the addition is sustained.
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