Assessing Officer completed assessment under section 143(3) accepting declaration made by assessee.  After expiry of four years, Assessing Officer sought to reopen assessment. Reason recorded for initiating reassessment proceedings was that companies giving unsecured loan lacked creditworthiness and, moreover, said amount was subsequently converted into share capital with premium. On writ allowing the petition the Court held that   advances were squared up on same date and nothing remained outstanding at end of day, much less at end of financial year. Thus, there was no question of such amounts being unsecured loans of company which stood converted into share capital with premium.  Moreover, Assessing Officer failed to bring any other evidence on record showing that provisions of section 68 applied to assessee’s case.High Court quashed the reassessment notice and order disposing the objection.  SLP  of Revenue is dismissed due too low tax effect. against impugned order was to be dismissed owing to low tax effect. (AY. 2010-11)