Assessing Officer reopened assessment in case of assessee beyond four years  on the ground that  the  assessee’s bank account was credited by by three transactions on various dates from account of  Sarathak Enterprises  and same amount was debited on same dates to account of Munjal B.Shah  and he opined that said amount remained unexplained in hands of assessee. However, communication whereby reasons recorded were supplied, no satisfaction was recorded by Assessing Officer that income chargeable to tax had escaped assessment.  From facts it was evident that amount was received by assessee as partners’ capital and had a valid source.  Assessee had utilised amount for repayment of loan obtained from Munjal B.Shah.  Therefore, account reflected that there was an element of income in transaction.  High Court held that question of escapement of income chargeable to tax did not arise and thus, Assessing Officer having misdirected himself in invoking powers to reopen assessment, reassessment proceeding initiated beyond four years was  set aside. SLP of revenue is dismissed  (AY. 2013-14)