Allowing the petition the Court held that   although the Assessing Officer had an opportunity at the stage of dealing with the objections to verify the contention of the assessee, which went to the root of the matter, he ignored the issue taking a stance that the factual proposition would be examined at the time of reassessment proceedings after giving sufficient opportunity to the assessee. Therefore the Assessing Officer had no material to suggest that the assessee had made payment in cash to S and thereafter, received the same amount back through the real-time gross settlement mode. The notice of reassessment was not valid. Matter remanded to Assessing Officer.(AY..2015-16)