Agricultural Income Accepted as Valid Source for Credit Card Payments: ITAT Delhi

Venkateswarlu Chandu Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has ruled in favor of the taxpayer in the case of Venkateswarlu Chandu Vs DCIT, deleting an addition of Rs.9,99,000/− that had been made under Section 69C of the Income Tax Act, 1961, as unexplained expenditure. The Tribunal concluded that the addition, which questioned cash payments made towards credit card bills, was based on mere doubt and suspicion rather than substantive evidence to rebut the declared source of the funds. Background of the Assessment The appeal relates to the assessment year...