25 August 2011
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 Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year.
26 August 2011
Thank u CA. Anoop Gadia for replying...
If something is added under sec 69, then it is considered as income from other sources. Is it correct?
& If such income is added to the income of the assessee in any financial year then whether the business loss of that F.Y. could be set off against the added income from other sources which is due to Sec 69.
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