https://www.taxtmi.com/caselaws?id=296501 The ITAT allowed the appeals of the assessee, deleting the additions made by the AO for both issues. In the first issue regarding unexplained cash credit in an HSBC Bank account in Hong Kong, the ITAT ruled in favor of the assessee based on the Settlement Commission's order accepting the undisclosed income offered by the firms. The ITAT concluded that the same income cannot be taxed twice. In the second issue concerning unexplained expenditure incurred through a Bank of America Credit Card, the ITAT found the source of payment explained by the assessee and supported by confirmations from the uncle, leading to the deletion of the additions for all three assessment years. en-us Wed, 10 Jul 2019 00:00:00 +0530 Sat, 24 Jul 2021 09:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296501 The ITAT allowed the appeals of the assessee, deleting the additions made by the AO for both issues. In the first issue regarding unexplained cash credit in an HSBC Bank account in Hong Kong, the ITAT ruled in favor of the assessee based on the Settlement Commission's order accepting the undisclosed income offered by the firms. The ITAT concluded that the same income cannot be taxed twice. In the second issue concerning unexplained expenditure incurred through a Bank of America Credit Card, the ITAT found the source of payment explained by the assessee and supported by confirmations from the uncle, leading to the deletion of the additions for all three assessment years. Case-Laws Income Tax Wed, 10 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296501