IT Act 69BChapter VI · Aggregation Of Income And Set Off Or Carry Forward Of Loss
Section 69B · [ Amount of investments, etc., not fully disclosed in books of account. [Inserted by Act 10 of 1965, Section 19 (w.e.f. 1.4.1965).]
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-Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the ] [Section 64 renumbered as sub-Section (1) thereof by Act 42 of 1970, Section 16 (w.e.f. 1.4.1971).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).] [finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the ] [Inserted by Act 10 of 1965, Section 19 (w.e.f. 1.4.1965).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year. ] [Inserted by Act 10 of 1965, Section 19 (w.e.f. 1.4.1965).]
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