Unexplained asset: deemed income when taxpayer fails to satisfactorily explain unrecorded or excess assets holdings Where an asset owned by or belonging to an assessee is not recorded, or the value found exceeds recorded value, and the assessee offers no explanation or an explanation deemed unsatisfactory by the Assessing Officer, the value (or excess) shall be deemed to be the income of the assessee for the tax year in which the asset is found. 'Asset' includes money, bullion, jewellery, virtual digital asset and other valuable articles.
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.
Provisions expressly mentioned in the judgment/order text.
Unexplained asset: deemed income when taxpayer fails to satisfactorily explain unrecorded or excess assets holdings
Where an asset owned by or belonging to an assessee is not recorded, or the value found exceeds recorded value, and the assessee offers no explanation or an explanation deemed unsatisfactory by the Assessing Officer, the value (or excess) shall be deemed to be the income of the assessee for the tax year in which the asset is found. "Asset" includes money, bullion, jewellery, virtual digital asset and other valuable articles.
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