Income Tax Department

Ministry of Finance, Government of India

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Section 69C

Unexplained expenditure, etc.

Section

Section Number

69C

Chapter

CHAPTER VI - AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS

Act

Income-tax Act, 1961

Year

1989

Unexplained expenditure, etc.

Unexplained expenditure, etc.

44[Unexplained expenditure, etc.

69C. Where 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 43[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.]

 

44. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.

43. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.

 

 

[As amended by the Finance Act, 1989 and the Direct Tax Laws (Amendment) Act, 1989]

Footnotes