Chapter VI

Section 101 is the substantive equivalent of 1961 s. 66 — opening provision of Chapter VI (Aggregation of Income). Income on which no income-tax is payable under Chapter XVII-A4 (typically rebate / specific exemption / chapter-VIII…

Section 102 is the substantive equivalent of 1961 s. 68 — the foundational anti-evasion provision and the most-litigated section of the entire Act. Where any sum is found CREDITED in books of an assessee for a tax year and (a) no…

Section 103 is the substantive equivalent of 1961 s. 69 . Where any INVESTMENT made by the assessee in the tax year is NOT recorded in books OR is recorded at less than the actual amount, AND no/unsatisfactory explanation about source is…

Section 104 is the substantive equivalent of 1961 ss. 69A and 69B. Where any ASSET is found OWNED BY or BELONGING TO the assessee but not recorded in books (or recorded below actual cost), AND no/unsatisfactory explanation about source of…

Section 105 is the substantive equivalent of 1961 s. 69 C. Where any EXPENDITURE has been incurred by the assessee in a tax year and (a) no explanation about source is offered OR (b) explanation is unsatisfactory, the amount is deemed…

Section 106 is the substantive equivalent of 1961 s. 69 D. Where any amount (including interest) is BORROWED or REPAID through a NEGOTIABLE INSTRUMENT or HUNDI, OTHERWISE THAN by account-payee cheque (or other CG-prescribed mode), the…

Section 107 is the substantive equivalent of 1961 s. 115 BBE. Income deemed under ss. 102 (cash credits), 103 (unexplained investment), 104 (unexplained assets), 105 (unexplained expenditure), and 106 (hundi) is charged at the punitive…