The assessment was completed under section. 143(3), after issuing the summons to the assesseee and with detailed investigation. Reassessment notice was issued on the basis of survey on third party and alleging the accommodation entries.

Allowing the petition the Court held that in the Course of original assessment proceedings the assessee had furnished all information regarding said transactions of receiving loan and entities from which loans were taken.  Even in statement of assessee recorded under section 131 it had disclosed about such unsecured loans taken by it. On facts the reassessment notice was jeld to be not valid.  As regards the alleged penny stock scripts and was a beneficiary of bogus short-term capital loss. It was held that there was no tangible material disclosed by Assessing Officer in reasons for reopening-Assessing Officer simply said Investigation wing had analyzed trade data of identified penny stocks and concluded that assessee was found to be involved in trading in one of those penny stocks. This was far too general. Reassessment notice was quashed.  (AY. 2014-15)