Income Tax Act, 2025
Section 3: Ins. by Act 5 of 1964, s. 16 (w.e.f. 11964).
3. Ins. by Act 5 of 1964, s. 16 (w.e.f. 11964).
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the assessee offers no explanation about the nature and source of acquisition of the money, bullion,
jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the
1[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.]
2[69B. Amount of investments, etc., not fully disclosed in books of account.—Where in any
financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or
other valuable article, and the 1[Assessing Officer] finds that the amount expended on making such
investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded
in this behalf in the books of account maintained by the assessee for any source of income, and the
assessee offers no explanation about such excess amount or the explanation offered by him is not, in the
opinion of the 1[Assessing Officer], satisfactory, the excess amount may be deemed to be the income of
the assessee for such financial year.]
3[69C. Unexplained expenditure, etc. —Where in any financial year an assessee has incurred any
expenditure and he offers no explanation about the source of such expenditure or part thereof, or the
explanation, if any, offered by him is not, in the opinion of the 1[Assessing Officer], satisfactory, the
amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income
of the assessee for such financial year:
4[Provided that, notwithstanding anything contained in any other provision of this Act, such
unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a
deduction under any head of income.]
69D. Amount borrowed or repaid on hundi.—Where any amount is borrowed on a hundi from, or
any amount due thereon is repaid to, any person otherwise than through an account payee cheque drawn
on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or
repaying the amount aforesaid for the previous year in which the amount was borrowed or repaid, as the
case may be:
Provided that, if in any case any amount borrowed on a hundi has been deemed under the provisions
of this section to be the income of any person, such person shall not be liable to be assessed again in
respect of such amount under the provisions of this section on repayment of such amount.
Explanation.—For the purposes of this section, the amount repaid shall include the amount of interest
paid on the amount borrowed.]
Set off, or carry forward and set off
5[70. Set off of loss from one source against income from another source under the same head of
income.—(1) Save as otherwise provided in this Act, where the net result for any assessment year in
respect of any source falling under any head of income, other than “Capital gains”, is a loss, the assessee
shall be entitled to have the amount of such loss set off against his income from any other source under
the same head.
Save as otherwise provided in this Act, where the net result for any assessment year in
respect of any source falling under any head of income, other than “Capital gains”, is a loss, the assessee
shall be entitled to have the amount of such loss set off against his income from any other source under
the same head.