- (1.) THE present appeal is filed by the Department under Section 260A of the Income Tax Act, 1961, against the impugned order dated 17.03.2011 passed by Income Tax Appellate Tribunal, Lucknow in I.T.A. No. 694/LKW/2010 for the assessment year 2002 -03.
(2.) THE brief facts of the case are that on 1.12.2004, a search and seizure operation under Section 132(1) of the Income Tax Act, 1961, was conducted at the business and residential premises of Shri Amar Nath Gupta group and the residential premises of the assessee was also searched. During the course of search, credit entry pertaining to cash credit of Rs. 23,10,000/ -; and credit entry in the Savings Bank Account No. 31531048 of the assessee with Standard Chartered Grindlays Bank, M.G. Road, Kanpur were found. Accordingly, the A.O. made the additions, but the said additions were deleted not only by the first appellate authority, but also by the Tribunal. Still not being satisfied the Department has filed the present appeal.
(3.) WITH this background, heard Shri Dhananjay Awasthi, learned counsel for the Department and Shri Sakeel Ahmad, learned counsel for the assessee. Having heard both the parties at length and on a perusal of the material available on record, it appears that the following cash credit entries were mentioned in the books of the account of the assessee : - JUDGEMENT_459_LAWS(ALL)9_2014.htm Similarly, the following credit entries in the Savings Bank account of the assessee was found : - Date JUDGEMENT_459_LAWS(ALL)9_20141.htm;