30-May-2026
Taxation
 
Man reports Rs 6.3 lakh income, pays Rs 27.65 lakh in credit card bills; gets tax notice – ITAT ruling says this
30-May-2026

A Mumbai taxpayer who declared annual income of just Rs 6.30 lakh found himself facing a tax addition after the Income Tax Department noticed that he had paid credit card bills worth Rs 27.65 lakh in a year, including nearly Rs 14 lakh in cash. The tax department treated the cash payments as unexplained money and added the amount to his income under Section 69A of the Income Tax Act.

News Source:- https://www.financialexpress.com/money/man-reports-rs-6-3-lakh-income-pays-rs-2765-lakh-in-credit-card-bills-gets-tax-notice-itat-ruling-says-this-4254798/?ref=personalfinance_hp
 
 
 

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