Taxation of Undisclosed Income Under Income Tax Law

Author: Ram Dutt Sharma

Year:  2022

This Book aims at discussing tax treatment of all sorts of incomes from undisclosed sources. The whole book has been devised with the objective of providing a thorough and analytical study of the provisions which are generally sought to be invoked by tax authorities at the time of carrying out a scrutiny assessment or while completing the assessment in pursuance of a search or survey under the Income Tax Act, 1961.

The unaccounted income commonly spoken as black money is known by different names: informal, unofficial, irregular, second, underground, subterranean, hidden, invisible, unrecorded or shadow economy.

If the Assessing Officer detects cash credits, unexplained investments, unexplained expenditure etc., the source for which is not satisfactorily explained by the assessee to him, there are various provisions in the Income Tax Act which empower the assessing officer to charge tax on such amount.

Apart from cash credit some other deeming provisions dealing with income from undisclosed sources, are contained in sections 68, 69, 69A, 69B, 69C and 69D. Direct or indirect use of unaccounted income is also involved intended to be covered via these deeming provisions.

Apart from incorporation of the up-to-date Finance Act, 2022 amended statutory provisions, the lot of important judicial pronouncements have been included in this book. We feel that this book of ours will be useful for one and all concerned with tax practitioners, tax administrators and other concerned as the subject-matter covered herein is one which is of day-to-day relevance.