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of <h1>Section 68: Unexplained credits in books taxed as income unless assessee and recorded contributor give satisfactory explanations</h1> If any sum is credited in an assessee's books and the assessee either offers no explanation or an explanation is unsatisfactory to the Assessing Officer, that sum is taxable as the assessee's income for the year. Credits characterized as loans or borrowings are deemed unexplained unless the person in whose name the credit is recorded also provides a satisfactory explanation. For closely held companies, credits described as share application money, share capital, share premium or similar require a satisfactory resident contributor's explanation. These dual-explanation requirements do not apply where the recorded person is a specified venture capital fund or company.
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