https://www.taxtmi.com/highlights?id=82792 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..... en-us Tue, 05 Nov 2024 13:39:35 +0530 Tue, 05 Nov 2024 13:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82792 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..... Highlights Income Tax Tue, 05 Nov 2024 13:39:35 +0530 https://www.taxtmi.com/highlights?id=82792