Unexplained asset treated as income when acquisition is unexplained or explanation is unsatisfactory; value deemed in year found. Where an asset owned by or belonging to the assessee is not recorded in the assessee's books, or expenditure on acquiring the asset exceeds recorded ... Summary
Unexplained asset treated as income when acquisition is unexplained or explanation is unsatisfactory; value deemed in year found.
Where an asset owned by or belonging to the assessee is not recorded in the assessee's books, or expenditure on acquiring the asset exceeds recorded amounts, and the assessee offers no explanation or an explanation that is not satisfactory to the Assessing Officer, the value of the asset or the excess expenditure shall be deemed to be the assessee's income for the tax year in which the asset is found to be owned by or belonging to the assessee. "Asset" includes money, bullion, jewellery, virtual digital asset, or other valuable article.
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