The AO reopened assessment based on DIT(Inv) information alleging bogus LTCG on shares of BSR Finance & Construction Ltd. The reasons recorded by the AO were vague, lacking details of transactions, parties or evidence, indicating borrowed satisfaction. Further, approval of the Principal Commissioner under section 151 was mechanical as he only wrote “Yes, it is a fit case”. The Tribunal held that both the reasons and approval were invalid. Held, reassessment quashed.  (AY. 2013-14)