- (1.) Challenging the order dated 3rd September, 2008 passed by the Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow (hereinafter referred to as 'the Tribunal') in I.T.A. No. 301/LUC/2007 for the assessment year 2001-02, the department has filed the present appeal.
(2.) In the memo of appeal, the following substantial question of law has been raised: "1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in confirming the order of the Ld. CIT(A)-I, Kanpur in deleting the addition of Rs.29,21,738/- made by the AO on a/c excess generation of income by invoking the provisions of section u/s 56(1) of the Act without appreciating that assessee failed to explain source and nature of generation of his capital."
(3.) Heard Sri Dhananjay Awasthi, learned counsel for the appellant and Sri Suyash Agrawal, learned counsel appearing for the assessee-opposite party.;