During search and seizure, Assessing Officer seized books of account, loose papers and other documents. Assessing Officer examined and compared these loose papers with regular books of account and found that assessee had not consider certain pages of loose bunch in books of account. Assessee, in his statement, stated that those pages denoted trial balance for period of 1-4-1997 to 31-3-1998 and that it summarized his entire business operation for 1997-98 and subsequently he retracted from statement stating that it was a “test trial balance of imaginary figures”.  Assessing Officer,  computed undisclosed income of assessee at 3.25 crores.  Commissioner (Appeals) and Tribunal deleted addition made by Assessing Officer. On appeal the Court held that  the  assessee being a businessman, accounts were prepared by Accountant or Chartered Accountant (CA) and same were audited, hence it was CA who was in position to give statement regarding statement of accounts or Trial balance, thus Assessing Officer ought to have examined Accountant of establishment regarding documents seized. Therefore, issue is  remitted to Tribunal for reconsideration.(AY. 1998-99)