Dismissing the petition the Court held that the  Assessing Officer had information in form of accounts/documents received from Investigation wing that Unisys Softwares and Holding Industries Ltd. was a company run, managed and operated by entry providers and it was a penny stock and had been used by operators to provide exempt LTCG/Short Term Capital Loss and assessee was one such operator. There was sufficient material available on record for Assessing Officer to form a reasonable belief and there was a live link existing of material and income chargeable to tax that escaped assessment.It could not be said that Assessing Officer, on absolutely vague or unspecific information, initiated proceedings of reassessment without taking pains to form his own belief in respect of such materials.  (AY. 2012-13)