Cash credits

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the sum so credited may be charged to income-tax as the income of the assessee of that previous year. 2 [ 3 [ 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 as .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e Assessing Officer aforesaid has been found to be satisfactory: 4 [ Provided also ] that nothing contained in the 5 [ first proviso or second proviso ] shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause ( 23FB ) of section 10. ] ----------------- Notes :- .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X