Undisclosed investments treated as income where excess over books lacks satisfactory explanation, allowing assessing officer to deem it taxable. Where an assessee's investments or ownership of bullion, jewellery or other valuable articles exceed amounts recorded in the books of account and the ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Undisclosed investments treated as income where excess over books lacks satisfactory explanation, allowing assessing officer to deem it taxable.
Where an assessee's investments or ownership of bullion, jewellery or other valuable articles exceed amounts recorded in the books of account and the assessee offers no explanation or an explanation the assessing officer finds unsatisfactory, the assessing officer may deem the excess amount to be the income of the assessee for that financial year.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
