Assessee-company was engaged in business of property developers It filed its return of income for relevant year.  Assessing Officer issued a reassessment notice on ground that assessee-company had not paid statutory due and that assessee illegally and fraudulently diverted a loan to its sister concern instead of paying its statutory liabilities and other creditors. On writ the Court held that Assessing Officer was not disabled from proceeding to examine entire case, including on basis of allegations which formed part of original reasons to believe. SLP filed by assessee against said order was  dismissed. (AY. 2016-17)