Where in the financial year immediately preceding the assessment year the
assessee has made investments which are not recorded in the books of account, if
any, maintained by him for any source of income, and the assessee offers no
explanation about the nature and source of the investments or the explanation
offered by him is not, in the opinion of the 1 Assessing Officer, satisfactory,
the value of the investments may be deemed to be the income of the assessee of
such financial year.
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1. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988).
Section 65 Liability of person in respect of income included in the income of another person
Section 69 Unexplained investments
Section 69A Unexplained money, etc
Section 69B Amount of investments, etc., not fully disclosed in books of account
Section 69C Unexplained expenditure, etc