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of <h1>Section 104 narrows tax inclusion, deeming acquisition cost of unrecorded or excess assets as income absent satisfactory explanation</h1> The enacted Section 104 narrows the Bill's measure by deeming as income the amount expended in acquiring an unrecorded or excess asset (including money, bullion, jewellery and virtual digital assets) when the taxpayer offers no or an unsatisfactory explanation to the Assessing Officer; the Bill had used the broader term 'amount of such asset.' The Act also clarifies relevance of books 'for any source of income' and removes certain qualifiers, vesting subjective satisfaction in the Assessing Officer. Neither text prescribes valuation mechanics, burden of proof or procedural safeguards, making documentary evidence of acquisition cost and contemporaneous records critical for compliance and dispute resolution.
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