Unexplained credits.

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..... of the Assessing Officer, then, the sum so credited shall be charged to income-tax as income of the assessee of that tax year. (2) If the sum so credited consists of loan or borrowing, or any such amount, by whatever name called, the 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 a .....

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..... ing Officer referred to in sub-section (1), has been found to be satisfactory. (4) Nothing contained in sub-section (2) or (3) shall apply if the person, in whose name the sum referred to in those sub-sections is recorded, is a venture capital fund or a venture capital company as referred to in Schedule V (Table: Sl. No. 6). - Clause 102 of the Bill provides for the circumstances or conditions .....

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