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Cash payment towards credit card purchases without explaining source of money added u/s. 69A
Case Law Details
- Case Name
- Dipak Parmar Vs ITO (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Surat
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Dipak Parmar Vs ITO (ITAT Surat)
ITAT Surat held that purchase of credit cards by making cash payments without providing explanation with regard to nature and source of money is liable to be added under section 69A of the Income Tax Act.
Facts- Assessee filed return of income for AY.2017-18 on 10.11.2017, declaring total income at Rs.2,78,400/-. The assessee had made cash payment towards credit card purchases of Rs.6,16,142/-. AO asked the assessee to explain the source of the above cash payments. The AO also issued show cause notice which was not replied to by the Therefore, ...
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