2015 (11) TMI 305 - SC ORDER

Materials properly scrutinized or not - Whether plea of the assessee that the AO has not scrutinized the materials submitted before him and made additions based on a priori considerations – Held that:- When there is a clear and categoric admission of the undisclosed income by the assessee himself, there is no necessity to scrutinize the documents - The document can be of some relevance, if the undisclosed income is determined higher than what is now determined by the department - loose sheets found during the search are not the sole basis for determining the tax liability - It is a piece of evidence to prove undisclosed income - The printout statements of undisclosed income is not disputed by the assessee and in his sworn statements it is accepted - outstanding loans to be recovered are in the range of ₹ 25 Lakhs to 30 Lakhs – thus, the order of the Tribunal and HC is upheld – Decided against assessee.