Section 69 B of Income Tax Act 1961- Amount Of Investments, Etc., Not Fully Disclosed In Books Of Account

Section 69 B of Income Tax Act 1961- Amount Of Investments, Etc., Not Fully Disclosed In Books Of Account:

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 Assessing Officer 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 Assessing Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year.