Section 69C Addition Set Aside-ITAT Orders Probe Where Third-Party Credit Card Use Alleged

Satyanarayana Murthy Kancharla Vs ITO (ITAT Hyderabad) The case involved an addition of ₹75.29 lakh u/s 69C on account of credit card payments, which the AO treated as unexplained expenditure. The assessee contended: Credit cards were handed over to a third party (Mr. G. Nageswararao) for use on commission basis Transactions did not belong to him Due to dispute, the said person had absconded, making it impossible to obtain confirmation FIR was filed, evidencing dispute (noted on record) The lower authorities rejected the claim due to: No written agreement or confirmation Lack of documenta...