Assessment is  sought to be reopened in case of assessee for two reasons, namely, accommodation entry of Rs. 50 lakh in form of share capital from ‘SH’ and allegation of undisclosed fictitious profit derived from transactions on NMCE platform. The reassessment was merely on the basis of  opinion expressed by investigation wing. On appeal The Tribunal held that the  Assessee had sufficiently demonstrated that neither there was any relevant material to make wide ranging allegations towards accommodation entry and earning fictitious profits nor reasons recorded spelt out exact particulars of transactions giving birth to such allegations.  Moreover, Principal Commissioner had granted approval under section 151, without observing inconsistency and glaring inadequacy in approval memo placed before him wherein scope of reopening was curtailed to mere case of alleged escapement. Reassessment order is quashed. (AY. 2010-11)