2Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the 1 Assessing Officer, satisfactory, the amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income of the assessee for such financial year:
3 Provided that, notwithstanding anything contained in any other provision of this Act, such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a deduction under any head of income.
-------------------------
1. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988).
2. Ins. by Act 41 of 1975, s. 14 (w.e.f. 1-4-1976).
3. Ins. by Act 21 of 1998, s. 25 (w.e.f. 1-4-1999).
Section 65 Liability of person in respect of income included in the income of another person
Section 69 Unexplained investments
Section 69A Unexplained money, etc
Section 69B Amount of investments, etc., not fully disclosed in books of account
Section 69C Unexplained expenditure, etc