Assessee had filed its return of income disclosing short term capital gain on sale of shares.  Assessing Officer issued reopening notice against assessee on ground that assessee had claimed bogus LTCG on sale of shares. On writ the Court held that the  Assessing Officer had failed to give requisite details in reasons recorded so as to form a requisite prima-facie belief that income had escaped assessment. Reasons recorded only referred to information received from credible sources that search was carried out in case of  Kausal Group (Kaushal Limited)and during course of search, incriminating documents were found and seized and it was found that assessee was one of beneficiaries of accommodation entries in form of different types of income like Long Terms Gains/Loss/Short Terms Gains/Loss and also beneficiary of unsecured loans etc., without there being any basis for forming such belief. The Court held that on facts, Assessing Officer could not be said to have formed an independent satisfaction regarding reasons recorded to re-open assessment to come to prima-facie conclusion that there was escapement of income.  Reassessment notice and order disposing the objection is quashed and  set aside. (AY. 2017-18)