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2018 (8) TMI 1792 - ITAT CHENNAIAddition towards unexplained expenditure u/s 69 - income from other sources - assessee has not disclosed the interest income earned from lending transaction - basic issue of the usage of credit cards by Shri Neelamegan was not proved - HELD THAT:- AO examined Shri Neelamegan under section 131 of the Act, who has categorically denied that he has used the credit card of the assessee and moreover, he has stated that he has no idea of four storesnamely: M/s. Aakash Decors, M/s. C.R. Agencies, M/s. Jaya Medicals and M/s. Aruna Pharmacy, where the credit cards were used. So far as credit card transactions, Shri Neelamegan has denied the entire transaction. Since the assessee failed to establish that Shri Neelamegan used assessee’s credit card and repaid the amount, we find that the addition made by the Assessing Officer was rightly confirmed by the CIT(A). We do not find any infirmity in the order passed by the CIT(A). Accordingly, the ground raised by the assessee stands dismissed.
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