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<h1>Unexplained assets deemed income when not recorded and the explanation is found unsatisfactory by the tax authority.</h1> If an assessee is owner of money, bullion, jewellery or other valuable article not recorded in the books of account and offers no explanation, or an explanation which the Assessing Officer finds unsatisfactory, the money and the value of such items may be deemed to be the income of the assessee for that financial year.
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