https://www.taxtmi.com/article/detailed?id=13310 Undisclosed sums credited in an assessee's books are taxable if no satisfactory explanation is offered; loans require the lender to prove nature and source and share application credits require the resident recorded to do so, subject to an exception for qualifying venture capital entities. Such income is taxed at an enhanced rate with denial of deductions and attracts a surcharge; a separate penalty proportionate to the tax may be imposed unless the amount is disclosed and taxed in the return for the relevant year. Documentary proof and traceability determine acceptability of explanations. en-us Fri, 10 Jan 2025 10:45:13 +0530 Fri, 10 Jan 2025 12:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13310 Undisclosed sums credited in an assessee's books are taxable if no satisfactory explanation is offered; loans require the lender to prove nature and source and share application credits require the resident recorded to do so, subject to an exception for qualifying venture capital entities. Such income is taxed at an enhanced rate with denial of deductions and attracts a surcharge; a separate penalty proportionate to the tax may be imposed unless the amount is disclosed and taxed in the return for the relevant year. Documentary proof and traceability determine acceptability of explanations. Articles Income Tax Fri, 10 Jan 2025 10:45:13 +0530 https://www.taxtmi.com/article/detailed?id=13310