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2016 (1) TMI 949 - HC - Income TaxReopening of assessment - Assessing Officer formed a belief that provisions of section 2(22)(e) of the Act would apply - Held that:- The assessee during the year under consideration was a director of the company and had purchased 88,300 shares by investing ₹ 1.76 crores out of which ₹ 1 crore was paid back to the petitioner by the company as advance. It was in this context, the Assessing Officer formed a belief that section 2(22)(e) of the Act would apply. His assertion that the petitioner was holding in excess of 10% of the value of shareholding has nowhere been denied by the petitioner. In the objections raised, the petitioner merely called upon the Assessing Officer to reveal the source from which he had gathered such information. If the case of the petitioner was that he in fact, did not hold more than 10% of shares of the company, it was easy for him to asset and demonstrate the same. - Decided against assessee
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