Income-tax Act : Cash credits 2 Indian Bare Acts :

Income-tax Act,1961

Act No : 43

Section : Cash credits 2

68. Cash credits 2 Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation ---------------------------------------------------------------------- 1 Inserted by the Direct Tax Laws (Amendment). Act, 1989, w.e.f. 1-4-1989. 1.324 about the nature and source thereof or the explanation offered by him is not, in the opinion of the 1[Assessing] Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.