Allowing the petition the Court  held that  the Assessing Officer being an expert in the subject, could have inferred from the price of purchase and sale of the scrip that the transaction was bogus. The Assessing Officer was investigating the transaction of the penny stock company KGN Enterprises Ltd. The record indicated that the report of the Securities and Exchange Board of India imposing penalty was pronounced on November 30, 2017. Therefore, it could not be said that the Revenue was unaware with regard to alleged bogus trading undertaken by Arya Global Shares and Securities Ltd and connected persons and their beneficiaries. The notice of reassessment was not valid. (AY. 2011-12)