- (1.) The present appeal has been filed by the appellant-Department under Section 260A of the Income-tax Act, 1961, against the judgment and order dated 28.11.2008, passed by the Income Tax Appellate Tribunal, Lucknow in I.T.A.No.561/luc/2008, for the assessment year 2004-05.
(2.) On 17.11.2009, a Coordinate Bench of this Court has admitted the appeal on the following substantial question of law:- "Whether, on the facts and circumstances of the case, the Income Tax Tribunal erred in deleting the addition of Rs.72,10,100/- on account of unexplained cash credit without giving any clear finding regarding the creditworthiness of the creditors and genuineness of the transaction?"
(3.) The brief facts of the case are that the assessee is an individual who is engaged in trading of consumable white goods in the name and style of M/s. Ashirwad Distributors. For the assessment year under consideration, the assessee has filed the return by showing an income of Rs.1,49,276/-. On 22.12.2006, the A.O. passed an order under Section 143(3) of the Act, on total income of Rs.80,11,200/-. The A.O. observed in his order that the borrowed funds and unsecured loans were introduced in the assessee's account from a common pool saving bank account No.45729 in Punjab National Bank. The details of the accounts are as under:- 1. Rs.25,05,100/- 2. Rs.4,22,500/- 3. Rs.17,20,000/- 4. Rs.20,00,000/- 5. Rs.8,35,500/- Total:- Rs.74,82,600/-;