2025 (10) TMI 208

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....that the assessee is an individual and is a salaried employee of M.S. Agri Marketing Board, Pune. Income of Rs. 7,93,910/- declared in the return for A.Y. 2017-18 furnished on 20.05.2017. Case selected for Limited Scrutiny under CASS for the reason of "Credit Card payment". Statutory notices were issued and duly served upon the assessee u/s.143(2) and 142(1) of the Act. Ld. Assessing Officer (AO) has observed that the assessee has made payment to Credit Cards issued by the following banks at Rs. 21,69,933/- : IndusInd Bank Rs.9,73,444/- Syndicate Bank Rs.10,49,989/- ICICI Bank Rs.14,65,500/- Total Rs.21,69,933/- 3. Ld. Assessing Officer further observed that the outstanding payments for credit cards of IndusInd Ba....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n cleared by the funds available with the brother and sofar as the credit card payment of Rs. 1,46,500/- of ICICI Bank, the same has been utilised by the assessee and funds have been given from his own sources. 6. On the other hand, ld. DR supported the orders of the lower authorities. 7. I have heard the rival contentions perused the record placed before me. I note that the assessee is aggrieved with the addition of Rs. 21,69,933/- confirmed by ld.CIT(A) which has been made by ld. AO invoking section 69C of the Act for unexplained investment. The impugned addition has been made for the unexplained payment for credit card dues and the details of the same are as under : IndusInd Bank Rs.9,73,444/- Syndicate Bank Rs.10,49,98....