During assessment proceedings, assessee had claimed Long Term Capital Gain (LTCG) from sale of share as exempt and assessment was completed accordingly. After a period of four years, Assessing Officer issued reopening notice against assessee on basis of information from office of Chief Commissioner (CCIT) that assessee was a beneficiary in penny-stock bogus cases and had claimed bogus exempt income and he treated capital gain as unexplained cash credit under section 68.  CIT(A) affirmed the order of the AO. On appeal the Tribunal held that   information given by CCIT only constituted starting point of enquiry and could not be held as tangible material for reopening assessment. Further in absence of failure on part of assessee in disclosure of material facts, impugned reopening notice issued against assessee is  not valid and justified in law. (AY. 2014-15)