https://www.taxtmi.com/manuals?id=1385 Sums credited in an assessee's books without a satisfactory explanation may be charged as income as cash credits; loans or borrowings recorded as credits require the person in whose name the credit stands to provide a satisfactory explanation, and closely held companies must obtain satisfactory resident explanations for entries as share application money, share capital or share premium, except where the credited person is a qualifying venture capital fund or company. Unrecorded investments or unrecorded money, bullion, jewellery or other valuable articles may similarly be deemed income where the assessee cannot give a satisfactory explanation to the Assessing Officer. en-us Sat, 09 Jan 2016 12:20:00 +0530 Wed, 23 Oct 2024 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1385 Sums credited in an assessee's books without a satisfactory explanation may be charged as income as cash credits; loans or borrowings recorded as credits require the person in whose name the credit stands to provide a satisfactory explanation, and closely held companies must obtain satisfactory resident explanations for entries as share application money, share capital or share premium, except where the credited person is a qualifying venture capital fund or company. Unrecorded investments or unrecorded money, bullion, jewellery or other valuable articles may similarly be deemed income where the assessee cannot give a satisfactory explanation to the Assessing Officer. Manuals Income Tax Sat, 09 Jan 2016 12:20:00 +0530 https://www.taxtmi.com/manuals?id=1385