Credit Card Payments Explained – Addition u/s 69C Deleted in Absence of Unexplained Source

Prateek Rahul Mehta Vs ITO (ITAT Mumbai) Mumbai ITAT deleted an addition of ₹16.61 lakh made u/s 69C towards alleged unexplained credit card payments. The Tribunal observed: The case was reopened based on AIR information of high credit card usage The assessee explained that the card was used by relatives and associated entities, who directly made payments Detailed documentary evidence was furnished, including: Confirmations Bank statements ITRs and financials of contributors Affidavits supporting transactions The ITAT held: The assessee had fully explained the source of payments Paymen...