Unexplained money, etc. [ Section 69A read with Section 115BBE ] - Income Tax - Ready Reckoner - Income Tax

Unexplained money, etc. [ Section 69A ] Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or t he explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory , the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year . Tax and Penalties on such unexplained Investment Tax u/s 115BBE- Where the total income of an assessee includes income u/s 68 / 69 / 69A / 69B / 69C / 69D , the total income tax payable shall be aggregate of- Income tax @ 60 % on income under the specified sections, and Income tax payable by assessee had his total income being reduced by the amount of income under these specified sections. Earlier, the rate was @30% on such income of undisclosed nature. This rate was changed to @60% w.e.f. 1/4/2017.) No deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee in computing his income under the specified sections. Surcharge - In respect of any income chargeable to tax under section 115BBE(1)(i) of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, calculated at the rate of 25% of such income-tax. Penalty u/s 271AAC - Where income of assessee includes income u/s 68 / 69 / 69A / 69B / 69C / 69D , the following officers - Assessing Officer ; or Joint Commissioner (Appeals) ; or Commissioner (Appeals) may (in addition to tax payable under section 115BBE ) impose penalty, @10% of tax payable under section 115BBE on such income. No penalty shall be levied if income under these specified sections is included in return of income u/s 139 and tax has been paid under section 115BBE on or before the end of the relevant PY. If Penalty has been imposed under section 271AAC(1) then Section 270A penalty does not imposed again on the assessee.