Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D - Section 115BBE

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....ome tax as the income of that PY , if - * Assessee offers no explanation about the nature and source of such credit, or * The explanation offered by him is unsatisfactory in the opinion of AO(Assessing Officer). (1) Sum credited in the nature of loan or borrowing Where assessee claims such sum is in the nature of loan/borrowing, then - * The lender must offer an explanation about the natu....

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....lanation by assessee shall be deemed unsatisfactory and the amount shall be charged to tax. [ Second Proviso of section 68 w.e.f. 01.04.2023 ] 3) Exception - The above proviso 1 & 2 shall not apply where the person in whose name the sum is credited is a venture capital fund or a venture capital company, (as defined in clause (23FB) of section 10). [ Third Proviso of section 68 w.e.f. 01.04.2013 ]....

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.... computed under this sub-section shall be increased by a surcharge, calculated at the rate of 25% of such income-tax. Penalty u/s 271AAC- * Where income of assessee includes income u/s 68/69/69A/69B/69C/69D , the following officers - * Assessing Officer ; or * Joint Commissioner (Appeals) ; or * Commissioner (Appeals) * may (in addition to tax payable under section 115BBE) impose pen....