No reassessment to invoke sec. 69 as sum was duly returned due to non-materialisation of deal to develop IT Park

INCOME TAX : Where a sum received by assessee-company to undertook a joint venture for development of IT Park was returned as deal could not be materialised, since assessee furnished complete statement of bank account reflecting debits and credits on account of money received and returned by it and issue about amount in question was dealt with by Assessing Officer during original scrutiny assessment, reopening notice treating said amount received by assessee as an unexplained investment was unju

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