Dismissing the appeal of the assessee the Court held that,there was no explanation offered by the assessee in respect of the investment amount of Rs. 10 lakhs. Confirmation and bank details are not produced, merely producing the letter who had executed the power of attorney is not sufficient. (AY. 1999-2000)
V. R. Sreekumar v. CIT (2019) 410 ITR 1 (Ker) (HC)
S. 69 : Unexplained investments-Investment was not satisfactorily explained – Addition is held to be proper. [S. 69A]