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TMI Blog2018 (8) TMI 1792X X X X Extracts X X X X X X X X Extracts X X X X ..... ons, Shri Neelamegan has denied the entire transaction. Since the assessee failed to establish that Shri Neelamegan used assessee’s credit card and repaid the amount, we find that the addition made by the Assessing Officer was rightly confirmed by the CIT(A). We do not find any infirmity in the order passed by the CIT(A). Accordingly, the ground raised by the assessee stands dismissed. - I.T.A.No.1682/Chny/2017 - - - Dated:- 16-8-2018 - Shri Abraham P. George, Accountant Member Shri Duvvuru RL Reddy, Judicial Member For the Appellant : Shri Sunil Balasubramaniam Shankar, C.A. For the Respondent : Shri B. Sagadevan, JCIT ORDER PER DUVVURU RL REDDY, JUDICIAL MEMBER: This appeal filed by the assessee is directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The assessee carried the matter in appeal before the ld. CIT(A). The ld. CIT(A) considered the written submissions of the ld. Counsel for the assessee, who has expressed his inability to file the relevant details as called for. Since the assessee did not prove the onus cast upon him that the credit cards were used by him for lending loans to Shri Neelamegan and moreover the assessee has not disclosed the interest income earned from lending transaction, the ld. CIT(A) held that the Assessing Officer was justified in treating the amount of ₹.34,86,141/- as unexplained expenditure as the sources of which were also not at all explained at any stage. 4. On being aggrieved, the assessee is in appeal before the Tribunal. By reiterati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... card transactions are not real transactions of expenses and it is loan transactions. However, Mr. Neelamegan who is mentioned as agent in swiping credit card in various stores has refused having used assessee's credit card as well as having taken huge loan from the assessee and thus, the assessee s statement was not proved. Since the basic issue of the usage of credit cards by Shri Neelamegan was not proved, the usage of credit card by the assessee for ₹.34,86,141/- was taken as unexplained expenditure and the Assessing Officer treated the same as deemed income as per section 69 of the Act and hence, assessed as income from other sources. 6.1 During the course of appellate proceedings, the ld. CIT(A) called for the following de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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