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Report No. 12

70. Cash credits.-

Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not satisfactory, the sum so credited shall be deemed to be the income of the assessee and shall be chargeable to income-tax, as the income of that previous year.

Income-Tax Act, 1922 Back

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