Held that the assessee had duly proved the loan  The Assessing Officer had not pointed out any defect or infirmity in the evidence and documents furnished by the assessee to prove the identity and creditworthiness of the creditors and genuineness of the transactions. In view of this, there was no infirmity in the order of the Commissioner (Appeals). Tribunal also held that  the reasons for the Assessing Officer to believe that income of the assessee had escaped assessment were not based on his own belief after verification of the facts: rather, the Assessing Officer had reopened the assessment on the basis of mere information from the Investigation Wing without correlating and verifying it with the assessment records. Re assessment is quashed .  (AY.2010-11)