
May 30, 2026
✦Financial Express
Man reports Rs 6.3 lakh income, pays Rs 27.65 lakh in credit card bills; gets tax notice - ITAT ruling says this
A man reported earning just over 6 lakh rupees but paid 27 lakh in credit card bills, mostly in cash. The tax department thought this was "unexplained money," but the ITAT gave him relief. The case shows a big risk: large cash spending that doesn't match your reported income.