Sec. 69 A
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2010
Hi Respected CIC Member
I want to know regarding sec. 69 A i.e. in income tax act, it is specified that where any assessee found owner of any jewellery is not recored in books of accounts then such amuount will be included in income.
I want to know that jewellery our personal investment so why we show in books of account.?
I want to know regarding sec. 69 A i.e. in income tax act, it is specified that where any assessee found owner of any jewellery is not recored in books of accounts then such amuount will be included in income.
I want to know that jewellery our personal investment so why we show in books of account.?
28 March 2010
The language of the section is books of accounts ,if any ,maintained by the assessee. So maintenance of Books of account is not mandatory in all cases. If no books are maintained, the assessee has to explain the source of the investment in jewelry otherwise the referred section attracts if at all it is a personal investment.
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