2014 (10) TMI 39

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.... For the Respondent :- Shakeel Ahamed ORDER (Per Hon'ble Dr. Satish Chandra, J) 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. The brief facts of the case are that on 1.12.2004, a se....

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....nsel 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 :- Name Amount (Rs) Agarwal & Associates 60,000/- Ankur Agarwal (HUF) 7,50,000/- Nidhi Agarwal 12,00,000/- Seema Jain 3,00,000/-   ....

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....so appears that the identity of the creditors was established. The transaction was made through the proper channel, so the genuineness of the transaction was also proved. The assessee has given the PAN number and full address of each creditors. Moreover, the creditor at Serial No. 1, 2, 6 and 7 were also subjected to search. Their assessment was pending with the the same A.O. Hence verification of....