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TMI BlogThe Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in...The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The assessee possessed various international credit cards belonging to friends and relatives, enabling utilization without their presence. Despite requests, the assessee failed to provide details or explanations. The AO reopened the assessment and issued a notice u/s 143(2) to investigate further. In the absence of any material or evidence from the assessee or card owners, the AO treated the funds as unexplained income u/ss 68 and 69C. The CIT(A) upheld the additions, distinguishing the case from cited decisions. Regarding the protective addition for unexplained money received thro..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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