Income is not disclosed by the taxpayer but is detected by the Income Tax department and the source for which is not satisfactorily explained by the assessee to the Assessing Officer, it is deemed to be the income of the year in which it is so detected.
Unexplained expenditure [Section 69C]
Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or the explanation is unsatisfactory in the opinion of the Assessing Officer, Assessing Officer can treat such unexplained expenditure as the income of the assessee for such financial year. Such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as deduction under any head of income.
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