https://www.taxtmi.com/caselaws?id=329942 The court ruled in favor of the petitioner, quashing the notice for reopening the assessment for the year 2008-09. The Assessing Officer's failure to address the petitioner's objection regarding receiving loans instead of share application money led to the court finding the factual basis for reopening unsubstantiated. The court emphasized the importance of factual accuracy in assessment proceedings and highlighted the irrelevance of legal aspects when factual claims are not countered. en-us Tue, 05 Jul 2016 00:00:00 +0530 Wed, 13 Jul 2016 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329942 The court ruled in favor of the petitioner, quashing the notice for reopening the assessment for the year 2008-09. The Assessing Officer's failure to address the petitioner's objection regarding receiving loans instead of share application money led to the court finding the factual basis for reopening unsubstantiated. The court emphasized the importance of factual accuracy in assessment proceedings and highlighted the irrelevance of legal aspects when factual claims are not countered. Case-Laws Income Tax Tue, 05 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329942