https://www.taxtmi.com/acts?id=49100 Sums credited in an assessee's books without explanation, or with explanations deemed unsatisfactory by the Assessing Officer, shall be taxed as the assessee's income for that year. Where credits are described as loans or similar amounts, the explanation is deemed unsatisfactory unless the resident in whose name the credit stands also explains the source and that explanation is found satisfactory. The same rule applies to closely held companies for credits recorded as share application money, share capital, or share premium, subject to an exception for venture capital funds or companies. en-us Fri, 14 Feb 2025 16:51:24 +0530 Thu, 20 Feb 2025 12:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49100 Sums credited in an assessee's books without explanation, or with explanations deemed unsatisfactory by the Assessing Officer, shall be taxed as the assessee's income for that year. Where credits are described as loans or similar amounts, the explanation is deemed unsatisfactory unless the resident in whose name the credit stands also explains the source and that explanation is found satisfactory. The same rule applies to closely held companies for credits recorded as share application money, share capital, or share premium, subject to an exception for venture capital funds or companies. Act-Rules Bills Fri, 14 Feb 2025 16:51:24 +0530 https://www.taxtmi.com/acts?id=49100