On appeal to the High Court, the Assessee’s contentions were rejected. The High Court held that the AO did reject the books of accounts produced by the Assessee before resorting to getting the DVO’s report. The records and evidence clearly establish that the books of accounts produced by the assessee were considered and rejected. Based on the DVO report, a substantial portion of investment had been suppressed, and that portion of income was rightly considered by all authorities as Assessee’s escaped income.