https://www.taxtmi.com/caselaws?id=464464 HC upheld ITAT and quashed reassessment, ruling reopening bad in law. The assessee produced loan documentation, bank statements, income tax return, balance-sheet, loan confirmation and the lender's assessment order to substantiate a Rs. 40 lakh advance from a company; the loan was repaid in a subsequent year. The AO relied solely on a single director's statement and denied cross-examination. Tribunal's finding that the reassessment lacked valid grounds was affirmed, decision in favour of the assessee. en-us Tue, 05 Aug 2025 00:00:00 +0530 Thu, 30 Oct 2025 20:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464464 HC upheld ITAT and quashed reassessment, ruling reopening bad in law. The assessee produced loan documentation, bank statements, income tax return, balance-sheet, loan confirmation and the lender's assessment order to substantiate a Rs. 40 lakh advance from a company; the loan was repaid in a subsequent year. The AO relied solely on a single director's statement and denied cross-examination. Tribunal's finding that the reassessment lacked valid grounds was affirmed, decision in favour of the assessee. Case-Laws Income Tax Tue, 05 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464464