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    Ssk Advisory
    May 14

    What if I do not disclose my investments in books of account?

    in Income Tax

    If in any financial year, you have made investments or it has been found that you are a owner of any bullion, jewelry or any other valuable article and the Assessing Officer finds out that the amount spent on acquiring such investments exceeds the amounts recorded in the books of accounts maintained by you and if you do not have any explanation for such difference, then such excess amount may be deemed to be your income for that financial year.


    For example, you have been found to be the owner of 1 kg of gold (market value - Rs. 47,50,000) during the financial year ending 31-03-2022, but you have recorded that you have spent only Rs. 23,75,000 in acquiring, the Assessing Officer can add Rs. 23,75,000 as your income, if you are not able to provide a satisfactory explanation for the same.

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