Section 69 :Exp. incurred via credit card couldn't be held as unexplained

Exp. incurred via credit card couldn't be held as unexplained if credit card bill was paid through banking channel

[2015] 58 taxmann.com 66 (Delhi - Trib.)

IN THE ITAT DELHI BENCH 'F'

Income-tax Officer

v.

Pallavi Srivastava

Section 69 of the Income-tax Act, 1961 - Unexplained investments (Credit card expenses) - Assessment year 2007-08 - Assessing Officer made additions on account of unexplained expenditure of sum spent through credit card and Rs. 28 lakhs on account of unexplained investment under section 69 - On appeal, Commissioner (Appeals) found that assessee made all her credit card expenses and investments out of her bank account by cheque and invested Rs. 12.30 lakhs in mutual fund and not Rs. 28 lakhs as claimed by Assessing Officer - Commissioner (Appeals) deleted additions - Whether there was a mistake in information received through annual information returns and transaction reported in annual information returns was wrongly reported by department and all investments made by assessee stood explained, deletion made by Commissioner (Appeals) was proper - Held, yes [Paras 11 & 12] [In favour of assessee]