No reassessment without evidence that unsecured loan given to assessee was converted into share capital

IT : Where Assessing Officer reopened assessment on ground that unsecured loans given to assessee company were subsequently converted into share capital with premium and, thus, provisions of section 68 were attracted, in view of fact that advances were squared up on same date and nothing remained outstanding at end of day, much less at end of financial year, impugned reassessment proceedings deserved to be quashed

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