Section 69:
Unexplained investments.
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.
Notes:
1. Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 1-4-1988).