The AO issued reopening notice on ground that assessee got said money from Rupak Developers Pvt Ltd  as a beneficiary in form of bogus LTCG/STCG.CIT(A) affirmed the order of the AO.  Tribunal set aside order of Assessing Officer holding that case was reopened on very vague reasons. On appeal by revenue the Court held that  the  Assessing Officer had material to show that said company was actually used for providing accommodation entries to various beneficiaries in form of bogus LTCG on sale of penny stock shares. Further as per survey conducted by Investigation Wing in case of Rupak Developers Pvt Ltd    it was found that no business activity was carried out by said company. Court held that  since assessee had  failed to establish genuineness of transaction, creditworthiness of company, which was found to be a shell company with no business activities, reopening was done for valid reasons. (AY. 2010-11)