Assessee purchased credit cards using unexplained cash payments. ...

Unexplained Cash Used for Credit Card Purchases Deemed Income u/s 69A, Tribunal Upholds Tax Addition.

January 7, 2025

Case Laws Income Tax AT

Assessee purchased credit cards using unexplained cash payments. AO made addition u/s 69A as assessee failed to explain source of cash. CIT(A) confirmed addition since no evidence was filed by assessee. ITAT upheld CIT(A)'s order applying s.69A deeming unexplained cash as income, deciding against assessee for non-compliance with statutory notices and not substantiating cash source.

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Assessee purchased credit cards using unexplained cash payments. ...

Unexplained Cash Used for Credit Card Purchases Deemed Income u/s 69A, Tribunal Upholds Tax Addition.

January 7, 2025

Case Laws Income Tax AT

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