Clause 17 - Amendment of section 68 - Finance Bill, 2022

Amendment of section 68. 17. In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023 (i) in the first proviso, for the words Provided that , the following shall be substituted, namely: Provided that where the sum so credited consists of loan or borrowing or any such amount, by whatever name called, any explanation offered by such assessee shall be deemed to be not satisfactory, unless- (a) the person in whose name such credit is recorded in the books of such assessee also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that ; (ii) in the second proviso, (a) for the words Provided further , the words Provided also shall be substituted; (b) for the words first proviso , the words first proviso or second proviso shall be substituted.