India - Income Tax Act 2010 - Saarc

1.363 CH. VI - AGGREGATION OF INCOME AND SET OFF OF LOSS S. 69C18[Unexplained money, etc.1969A. Where in any financial year the assessee is found to be the owner of anymoney, bullion, jewellery or other valuable article and such money,bullion, jewellery or valuable article is not recorded in the books of account, ifany, maintained by him for any source of income 20 , and the assessee offers noexplanation about the nature and source of acquisition of the money, bullion,jewellery or other valuable article, or the explanation offered by him is not, in theopinion of the 21 [Assessing] Officer, satisfactory, the money and the value of thebullion, jewellery or other valuable article may be deemed to be the income 20 ofthe assessee for such financial year.]22[Amount of investments, etc., not fully disclosed in books of account.1969B. Where in any financial year the assessee has made investments or isfound to be the owner of any bullion, jewellery or other valuable article,and the 23 [Assessing] Officer finds that the amount expended on making suchinvestments or in acquiring such bullion, jewellery or other valuable articleexceeds the amount recorded in this behalf in the books of account maintainedby the assessee for any source of income, and the assessee offers no explanationabout such excess amount or the explanation offered by him is not, in the opinionof the 24 [Assessing] Officer, satisfactory, the excess amount may be deemed to bethe income of the assessee for such financial year.]25[Unexplained expenditure, etc.2669C. Where in any financial year an assessee has incurred any expenditureand he offers no explanation about the source of such expenditure or partthereof, or the explanation, if any, offered by him is not, in the opinion of the24[Assessing] Officer, satisfactory, the amount covered by such expenditure orpart thereof, as the case may be, may be deemed to be the income of the assesseefor such financial year :]27[Provided that, notwithstanding anything contained in any other provision ofthis Act, such unexplained expenditure which is deemed to be the income of theassessee shall not be allowed as a deduction under any head of income.]18. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964.19. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.20. For the meaning of the term “income”, see Taxmann’s Direct Taxes Manual, Vol. 3.21. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.22. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965.23. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.24. Substituted for “Income-tax”, ibid.25. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.26. For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.27. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.