Court Invalidates Reopening of Tax Assessment u/s 68 Due to Misclassification of Loans as Share Application Money.

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....Reopening of assessment - Addition u/s 68 - What was received from these companies was loan, which was also repaid within a short time and there was no share application money in any form. If this be so, the very foundation of the reason recorded by the Assessing Officer for reopening the assessment fails - HC....