2015 (11) TMI 305 - SCH - Income Tax

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 Rs. 25 Lakhs to 30 Lakhs thus the order of the Tribunal and HC is upheld Decided against assessee.

Summary

The Supreme Court of India dismissed the special leave petitions in a case with citation 2015 (11) TMI 305 - SC. The judgment was delivered by MR. A.K. Sikri and MR. Rohinton Fali Nariman, JJ. The delay was condoned.