https://www.taxtmi.com/acts?id=51635 Where an asset owned by or belonging to the assessee is not recorded in the assessee's books, or expenditure on acquiring the asset exceeds recorded amounts, and the assessee offers no explanation or an explanation that is not satisfactory to the Assessing Officer, the value of the asset or the excess expenditure shall be deemed to be the assessee's income for the tax year in which the asset is found to be owned by or belonging to the assessee. "Asset" includes money, bullion, jewellery, virtual digital asset, or other valuable article. en-us Thu, 14 Aug 2025 10:44:04 +0530 Fri, 05 Sep 2025 12:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51635 Where an asset owned by or belonging to the assessee is not recorded in the assessee's books, or expenditure on acquiring the asset exceeds recorded amounts, and the assessee offers no explanation or an explanation that is not satisfactory to the Assessing Officer, the value of the asset or the excess expenditure shall be deemed to be the assessee's income for the tax year in which the asset is found to be owned by or belonging to the assessee. "Asset" includes money, bullion, jewellery, virtual digital asset, or other valuable article. Act-Rules Income Tax Thu, 14 Aug 2025 10:44:04 +0530 https://www.taxtmi.com/acts?id=51635