Insertion of new section 69A
Section 16 of the Finance Act, 1964 deals with insertion of new section 69A. Insertion of new section 69A 16. After section 69 of the Income-tax Act, the following section shall be inserted, namely:— Unexplained money, etc.
Insertion of new section 69A
16. After section 69 of the Income-tax Act, the following section shall be inserted, namely:—
Unexplained money, etc.
"69A. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and 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 Income-tax 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.".
[Finance Act, 1964]
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Section 16, The Finance Act, 1964 (Act 5 of 1964).
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Questions about Section 16
What does Section 16 of the Finance Act deal with?
Section 16 of the Finance Act is headed "Insertion of new section 69A". Insertion of new section 69A 16. After section 69 of the Income-tax Act, the following section shall be inserted, namely:— Unexplained money, etc.
How do I find court cases under Section 16 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1964 16, section 16 Finance Act 1964, section 16 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 16 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 69 (Unexplained investments), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1964 as Act 5 of 1964. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5142 words
- 44. Insertion of new Chapter4282 words
- 2. Income-tax and super-tax1285 words
- 52. Amendment of Act 18 of 19581055 words
- 51. Amendment of Act 29 of 1957796 words
- 30. Substitution of new section for section 132712 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.