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of <h1>Undisclosed Investments Taxed Heavily: 60% Tax, 25% Surcharge, and 10% Penalty Per Sections 69B, 115BBE, 271AAC.</h1> Section 69B addresses situations where an assessee's investments or ownership of valuable items exceed the amounts recorded in their financial books, without a satisfactory explanation. Such excess is deemed income for the financial year. Under Section 115BBE, income tax on this undisclosed income is charged at 60%, with no deductions allowed. Additionally, a 25% surcharge on this tax is applied. Section 271AAC permits a 10% penalty on the tax payable for such income, unless the income is declared in returns and tax paid timely. If this penalty is imposed, Section 270A penalties are not applicable.
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