Sec 69: Investments made by the Assessee

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.