Assessment Reopening Quashed: AO Failed to Review Records Before Reopening u/s 147; Section 68 Addition Challenged.

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....Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to look into the assessment records. Had the AO seen the assessment record, then he would have found that during the year under consideration, the assessee had issued share capital including share premium to various parties and has also received sufficient unsecured loans from various parties and details of share application money and unsecured loans were already submitted during the course of assessment proceedings. - Notice issued u/s 148 quashed - AT....