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of <h1>Unexplained Expenditure u/s 69C: 60% Tax, 25% Surcharge, and 10% Penalty Without Deductions or Offsets.</h1> Under Section 69C, if an assessee incurs unexplained expenditure without a satisfactory source, it may be deemed their income, disallowing any deductions. Section 115BBE mandates a 60% tax on such income, with no deductions or loss offsets allowed, effective from April 1, 2017. Additionally, a 25% surcharge applies. Section 271AAC allows authorities to impose a 10% penalty on the tax payable under Section 115BBE, unless the income is reported in the return and tax paid timely. If a penalty under Section 271AAC is imposed, Section 270A penalties are not applicable.
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