Menu
Sec 69: Investments made by the Assessee
Can 2013-14 investments can be deemed as an income in 2018-19 Assessment Year If those investments are found by the Assessimg officer in 2018-19.???
Replies (3)
No, if unexplained the same will be deemed as income of f. y. 2013-14 only
No sir, it can only be assessed as an income for the year 13-14.
Year of Taxability under section 69
The phase incorporated in Section 69 “Such Financial Year “ is very significant.
The question is how to determine “Such Financial Year”.
The amount of unexplained investment will be deemed to be the income of the investor-assessee of the financial year in which said investment is made by him.
Say Bank Fixed Deposit issued in favour of assessee on 07/08/12 is located on 07/05/18.
It may be deemed income for the financial year 2012-2013 which is the year in which the assessee had made the deposits.
The phase incorporated in Section 69 “Such Financial Year “ is very significant.
The question is how to determine “Such Financial Year”.
The amount of unexplained investment will be deemed to be the income of the investor-assessee of the financial year in which said investment is made by him.
Say Bank Fixed Deposit issued in favour of assessee on 07/08/12 is located on 07/05/18.
It may be deemed income for the financial year 2012-2013 which is the year in which the assessee had made the deposits.
Recent Topics :
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
Related Topics :
CAclubindia
