Sec. 69 additions justified as MD of Co. failed to produce evidence that investment was made by co. and not by him

INCOME TAX: Where assessee claimed that investment in property was made by company not by him, since assessee being Managing Director could have easily produced records or materials to show that amount was actually invested by company and not by him, but no such material was produced, Assessing Officer was justified in rejecting explanation given by assessee and in bringing amount to tax as unexplained investment

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