(1)Where any sum is found credited in the books of an assessee maintained for any tax year, and––(a)the assessee offers no explanation about the nature and source of such credit; or(b)the explanation offered about the nature and source of such credit by assessee is not satisfactory in the opinion of the Assessing Officer,then, the sum so credited shall be charged to income-tax as income of the assessee of that tax year.
