Delhi HC quashed reassessment initiated to treat unpaid loan as notional income under section 56

INCOME TAX : Where Assessing Officer sought to reopen assessment in case of assessee on ground that certain loan amount was outstanding and same was liable to be added to income of assessee as notional income under section 56, however, reasons were completely silent as to how provisions of section 56 were attracted in respect of outstanding liability of loan even if it remained unpaid and there being no material to justify reopening of assessment, proceedings were to be quashed and set aside

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