https://www.taxtmi.com/caselaws?id=214838 The appellate tribunal upheld the CIT(A)'s decision on assessing income from credit card expenses, adding only a portion to income. The tribunal dismissed the revenue's appeal due to lack of merit and coherence in raised grounds. Additional evidence submitted by the assessee was crucial and accepted, leading to the deletion of a substantial amount from the income addition. The tribunal found no correlation between the revenue's concerns over unexplained cash payment and the actual dispute. Penalty proceedings were initiated separately for funds from undisclosed sources. en-us Fri, 22 Jun 2012 00:00:00 +0530 Tue, 10 Jul 2012 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214838 The appellate tribunal upheld the CIT(A)'s decision on assessing income from credit card expenses, adding only a portion to income. The tribunal dismissed the revenue's appeal due to lack of merit and coherence in raised grounds. Additional evidence submitted by the assessee was crucial and accepted, leading to the deletion of a substantial amount from the income addition. The tribunal found no correlation between the revenue's concerns over unexplained cash payment and the actual dispute. Penalty proceedings were initiated separately for funds from undisclosed sources. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214838