2013 (10) TMI 1185

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....eal 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?" 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. observe....

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....urce of addition and capital account and details of unsecured loan. No satisfactory reason/reply was furnished. So, the A.O. has rightly made the addition. He also submits that in the common pool, no source was furnished. Lastly, he made a request to set aside the order passed by the appellate authorities. None appeared on behalf of the assessee though the name of Sri Mudit Agarwal is printed in the cause list. Service is sufficient. From the record, it appears that on 29.03.2004, an amount of Rs.25,05,100/- was transferred through joint saving bank account No.45729 of assessee with others. The source of this entry was shown that on 29.03.2004, a sum of Rs.25 lacs was transferred from the account No.980 of M/s. Shubham India Market, and P....