Section 69C
Unexplained expenditure, etc. Repealed
About this Act
An Act to consolidate and amend the law relating to income-tax and super-tax
2Where in any financial year an assessee has incurred any
expenditure and he offers no explanation about the source of such expenditure or part thereof, or the
explanation, if any, offered by him is not, in the opinion of the 1
Assessing Officer, satisfactory, the
amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income
of the assessee for such financial year:
3 Provided that, notwithstanding anything contained in any other provision of this Act, such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a deduction under any head of income.
3 Provided that, notwithstanding anything contained in any other provision of this Act, such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a deduction under any head of income.
Notes
1. Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 1-4-1988).
2. Ins. by Act 41 of 1975, s. 14 (w.e.f. 1-4-1976).
3. Ins. by Act 21 of 1998, s. 25 (w.e.f. 1-4-1999).
2. Ins. by Act 41 of 1975, s. 14 (w.e.f. 1-4-1976).
3. Ins. by Act 21 of 1998, s. 25 (w.e.f. 1-4-1999).