1Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is 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 acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the 2 Assessing Officer, satisfactory, the money and the value of the bullion,jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.
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1. Ins. by Act 5 of 1964, s. 16 (w.e.f. 1-4-1964).
2. 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