REGARDING NATURE OF EXPENDITURE

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Suresh S. Tejwani (Querist)
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20 January 2025 WHAT IS UNEXPLAINED EXPENDITURE? CAN CIT OR AO PASSED NOTICE BY CONSIDER BUSINESS EXPENDITURE AS UNEXPLAINED EXPENDITURE UNDER SECTION 69C?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 January 2025 Section 69C of the Income Tax Act, 1961 addresses unexplained expenditure, allowing tax authorities to treat certain expenditures as deemed income if the taxpayer fails to satisfactorily explain their source. If an assessee incurs expenditure and does not provide a satisfactory explanation regarding its source, that (unexplained) expenditure may be deemed to be income for the relevant financial year.
The Assessing Officer (AO) has the discretion to determine whether an explanation is satisfactory. If the AO finds the explanation lacking, they may classify the expenditure as unexplained.

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