https://www.taxtmi.com/caselaws?id=761332 ITAT Delhi upheld additions under sections 69C and 68 for undisclosed credit card expenditures in foreign currencies discovered during survey proceedings. The assessee possessed multiple international credit cards belonging to friends and relatives but failed to provide explanations or supporting documents when questioned by authorities. The court found the assessee utilized these cards for personal expenses without proper documentation. The AO's conversion of foreign currency expenditures and subsequent additions were sustained. However, ITAT dismissed Revenue's appeal regarding protective addition of unexplained money received through a company, as substantive addition was already made in the company's hands. en-us Wed, 06 Nov 2024 00:00:00 +0530 Fri, 08 Nov 2024 19:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761332 ITAT Delhi upheld additions under sections 69C and 68 for undisclosed credit card expenditures in foreign currencies discovered during survey proceedings. The assessee possessed multiple international credit cards belonging to friends and relatives but failed to provide explanations or supporting documents when questioned by authorities. The court found the assessee utilized these cards for personal expenses without proper documentation. The AO's conversion of foreign currency expenditures and subsequent additions were sustained. However, ITAT dismissed Revenue's appeal regarding protective addition of unexplained money received through a company, as substantive addition was already made in the company's hands. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761332