Reassessment notice was issued for verifying the exemption claimed in respect of penny stock  on the basis of information received . The objection of the assessee  was rejected by the Assessing Officer . On writ dismissing the petition the Court held that the assessee has not offered the short term capital gains hence the reassessment notice was held to be valid .   (AY. 2012 -13 )  (W.P. No. 2817 of 2019 dt . 3 -1 -2022 )