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Unexplained credits.

X X   X X   Extracts   X X   X X

Full Text of the Document

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.... the opinion of the Assessing Officer, then, the sum so credited shall be charged to income-tax as income of the assessee of that tax year. (2) If the sum so credited consists of loan or borrowing, or any such amount, by whatever name called, the explanation offered by such assessee shall be deemed to be not satisfactory, unless,- (a) the person in whose name such credit is recorded in the boo....