Unexplained credits: credited sums may be taxed if explanations are absent or unsatisfactory, shifting evidentiary burden to taxpayers and counterparties.
Section 102 allows sums found credited in an assessee's books to be charged as income where no explanation is given or the explanation is not satisfactory to the Assessing Officer. It places special deeming requirements on loans/borrowings and certain private company receipts, requiring the person in whose name the credit stands to provide a satisfactory explanation to the Assessing Officer, while excluding specified venture capital funds from those counterparty requirements.