Section 68 -Cash creditsSection 69-Unexplained investmentsSection 69A-Unexplained money, etc
Particulars
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Section 68
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Section 69
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Section 69A
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Section 69B
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Section 69C
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Plain reading
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Where any sum is
found credited in the books of an assesseemaintained for any previousyear, and the assessee offers no explanation about the
nature and source thereofor the explanation
offered by him is not, in the opinion of the Assessing
Officer, satisfactory, the sum so credited maybe charged to income- tax as the income ofthe assesseeof that previous
year.
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Where in the
financial year immediately preceding the assessment year the assessee has
made investments which are not recorded in the books of account, if any, maintained by him for any source of
income, andthe assessee offers no explanation about the nature and source
of the investments orthe explanation offered by him is not, in the opinion of the
Assessing Officer, satisfactory, the value of the investmentsmay be deemed to be the income of the assessee
of such
financial year.
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Where in any
financial year the assessee is found to be the owner of any money,bullion, jewelry or other valuable article and such
money, bullion, jewelry or valuable article is not recorded in the books of
account, if any, maintained by him for any source of income, andthe assessee offers no explanation about the
nature and source of acquisition of the money, bullion, jewelry or other
valuable article, or the explanation offered by him is not, in the opinion of the
Assessing Officer, satisfactory, the money and the value of the bullion,
jewelry or other valuable article may be deemed to be the income of the assessee
for such
financial year.
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Where in any
financial year the assessee has made investments or is found to be the owner
of any bullion, jewelry or other valuable article, and the Assessing Officer
finds that the amount expended on making such investments or in acquiring
such bullion, jewelry or other valuable article exceeds the amount recorded
in this behalf in the books of accountmaintainedby the assessee for any source of income, andthe assessee offers no explanation about
such excess amount or the explanation offered by him is not, in the opinion of the Assessing
Officer, satisfactory, the excess amount maybe deemed to be the income of the assessee
forsuch financial year.
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Where in any
financial year an assessee has incurred anyexpenditure andhe offers no explanation about the source of
such expenditure or part thereof, orthe explanation, if any, offered by him is
not, in the opinion of the Assessing Officer, satisfactory, the amount
covered by such expenditure or part thereof, as the case may be, may bedeemed to be the income of the assessee for such
financial year.
Provided that,
notwithstanding anything contained in any other provision of this Act, such
unexplained expenditure which is deemed to be the income of the assessee
shall not be allowed as a deduction under any head of income.
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Maintenance of Books
of Accounts
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Compulsory
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Not Compulsory as
the word “if any” is used
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Not Compulsory as
the word “if any” is used
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Compulsory
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Not Compulsory
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Explanation to AO
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AO can ask for
explanation only when the sum is credited in the Books of Accounts
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AO can ask for
explanation only ifinvestmentis
not recorded in the Books of Accounts.
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AO can ask for
explanation only if Money, bullion, jewelry or any other valuable article is
not recorded in the Books of Accounts.
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AO can ask for
explanation only if the investment, Money, bullion, jewelry or any other
valuable article is recorded in the Books of Accounts and the value recorded
is less than the amount spent in acquiring.
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AO can ask for the
source of “incurred expenditure”.
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