The A.O. received information from ADGIT Investigation (OSD), Unit 4, Kolkata that the assessee is beneficiary of accommodation entries provided by Brahma Trade links Pvt. Ltd. of Rs. 35 lakhs. The assessee filed objections challenging the reopening but without disposing the objections, assessment order was passed by adding Rs. 35 lakhs as undisclosed income. The CIT(A) confirmed the addition. Before Tribunal, it was argued that the A.O. did not carry out any investigation and addition is based on surmises. It was also pointed out that in reality the assessee had received Rs. 20 lakhs only from Brahma Tradelinks P. Ltd. and that this issue was formed basis of reopening assessment for A.Y. 2012-13 but on being satisfied about genuineness of transaction, no income was added to the income of the assessee. Thus, there was no credible information available with the A.O. and notice issued deserved to be quashed. Accepting the contentions of the assessee, the Tribunal held that The AO failed to provide any details of the alleged receipt of Rs. 35 Lakh from the said party at any point of time and there was no credible information before the A.O. keeping in view that for A.Y. 2012-13 such receipt was considered as genuine. Therefore, the Tribunal quashed notice issued u/s. 148 and entire proceedings. (AY. 2013-14)