Assessee couldn’t raise new plea in writ proceedings; case remanded to AO to consider said plea in r

IT : Where assessee filed a writ petition challenging initiation of reassessment proceedings by taking a new plea that loan taken from its directors and family members was nothing but margin money which stood reflected in Schedule VIII to balance sheet, since aforesaid plea was not raised in statements of objections filed before Assessing Officer matter was to be remanded back to Assessing Officer with a direction to consider said plea in course of reassessment proceedings