High Court  the reassessment notice on the ground that the reasons recorded do not suggest at all whether pursuant to receipt of information, the assessing officer had independently applied its mind to the information received or conducted its own inquiry into the matter for the purpose of coming to a conclusion that indeed income assessable to tax had escaped assessment or that the transaction in question with the alleged shell entity was only a paper transaction. Accordingly the reassessment notice and order disposing the objection was quashed. SLP of Revenue is dismissed on account of delay  of 354 days had not been satisfactorily explained  and also on merits.(AY.2016-17)