My turnover is 10 lakhs and I filed my return with income 10 lakhs
actually my relative used my credit card and he used for one year and total credits in credit statement is 30 lakhs
Now I received a assement order that
your total credits are 30 lakhs and you have shown only 10 lakhs in income tax return and balance is undisclosed income so pay tax for 20 lakhs
with my relative I went to Assessing officer and my relative changed the words that I don't know I have not used the credit card
so pls give is there any case laws in favor of me
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credit card used one of my relative with my permission for one year
Replies (3)
You have to pay tax and file a complaint against relative to recover the amount paid by you as tax and penalty no other option.
Just request AO and disclose the complaint lodged against relative asking him to reduce penalty provisions since you had no intention of hiding income.
Does credit in Credit card statements implies income?? You Can justify the same.
Yes, depends on the source it comes from.
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