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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.
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