SEC 69- UNEXPLAINED INVESTMENT
This query is : Resolved
12 December 2008
MY COMPANY HAVE A TRADE ADVANCE SINCE 1998-99 ACCOUNTING YEAR, NOW ASSESSING OFFICER WANTING FOR ADDITION AS UNEXPLAINED INVESTMENT FOR ACCT. YEAR 2005-06. CAN HE DO SO PLEASE REPLY ME URGENTLY
12 December 2008
No because it is an advance pertaining to 1998-99. Moreover if it is accounted in the books of accounts the said transaction is outside the purview of section 69 (saw the head line of your question) of The Income Tax Act,1961.
13 December 2008
Unexplained investment covered by sec 69 are those for which you have not accounted for in any A.Y. So AO cannot do so.
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