{"act":{"id":"finance-act-2022","short_title":"The Finance Act, 2022","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.","act_number":"6","act_year":2022,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":134,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2022/"},"unit":"section","section":{"number":"17","heading":"Amendment of section 68","text":"Amendment of section 68. 17.  In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023,— (i) | in the first proviso, for the words \"Provided that\", the following shall be substituted, namely:— \"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 assessee also offers an explanation about the nature and source of such sum so credited; and (b) | such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that\"; (ii) | in the second proviso,— (a) | for the words \"Provided further\", the words \"Provided also\" shall be substituted; (b) | for the words \"first proviso\", the words \"first proviso or second proviso\" shall be substituted.","html":"<p><b>Amendment of section 68.</b></p><p><b>17. </b> In section 68 of the Income-tax Act, with effect from the 1st day of April, 2023,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in the first proviso, for the words \"Provided that\", the following shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided </b>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,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the person in whose name such credit is recorded in the books of such assessee also offers an explanation about the nature and source of such sum so credited; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory:</td></tr><tr><td></td><td></td><td>Provided further that\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>in the second proviso,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for the words \"Provided further\", the words \"Provided also\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>for the words \"first proviso\", the words \"first proviso or second proviso\" shall be substituted.</td></tr></table></div>","words":162,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2022/section/17/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}