www.Aaptaxlaw.com
 
 
 

What is Unexplained money, etc? What are Amount of investments, etc., not fully disclosed in books of account? Section 69A and 69B of Income Tax Act 1961

Unexplained money, etc and Amount of investments, etc., not fully disclosed in books of account are defined under section 69A and 69B of Income Tax Act 1961. Provisions under these Sections are:

Section 69A of Income Tax Act "Unexplained money, etc"

Section 69A. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation 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 the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.

 

Section 69B of Income Tax Act "Amount of investments, etc., not fully disclosed in books of account."

Section 69B. Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the 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 may be deemed to be the income of the assessee for such financial year.

Income Tax Act 1961

What is the Meaning of adjusted cost of improvement and cost of acquisition? Section 55 of Income Tax Act 1961

What is Reference to Valuation Officer? Section 55A of Income Tax Act 1961

What is Income from other sources? Section 56 of Income Tax Act 1961

What are Deductions? Section 57 of Income Tax Act 1961

What are the Amounts not deductible? Section 58 of Income Tax Act 1961

What are Profits chargeable to tax? What is Transfer of income where there is no transfer of assets? What is Revocable transfer of assets? Section 59, 60 and 61 of Income Tax Act 1961

What is the meaning of Transfer irrevocable for a specified period? How Transfer and revocable transfer defined? Section 62 and 63 of Income Tax Act 1961

What is the meaning Income of individual to include income of spouse, minor child, etc? Section 64 of Income Tax Act 1961

What is the meaning Liability of person in respect of income included in the income of another person? What is Total income? Section 65 and 66 of Income Tax Act 1961

What is the Method of computing a member's share in income of association of persons or body of individuals? Section 67A of Income Tax Act 1961

What is Cash credits? What are Unexplained investments? Section 68 and 69 of Income Tax Act 1961

What is Unexplained money, etc? What are Amount of investments, etc., not fully disclosed in books of account? Section 69A and 69B of Income Tax Act 1961

What is Unexplained expenditure, etc? What is Amount borrowed or repaid on hundi? Section 69C and 69D of Income Tax Act 1961

What is Set off of loss from one source against income from another source under the same head of income? Section 70 of Income Tax Act 1961

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap