Section 69 of Income Tax Act for AY 2023-24

Amended and updated notes on Unexplained investments section 69 of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules 1962.

Amended and updated notes on section 69 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Unexplained investments.

Chapter VI (Sections 66 to 80) of the Income Tax Act 1961 deals with the provisions related to aggregation of income and set off or carry forward of loss. Section 69 of IT Act 1961-2023 provides for Unexplained investments.

Recently, we have discussed in detail section 68 (cash credits) of IT Act 1961. Today, we learn the provisions of section 69 of Income-tax Act 1961. The amended provision of section 69 is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 69 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

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.


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