Dismissing the petition the Court held that as a result of the investigation carried out during the search proceedings conducted by the office of Principal Director (Inv) the assessee-company was one of the beneficiaries of the accommodation entries as the assessee had entered into transactions in a penny stock companies used for bogus long-term capital gains and contrived losses. The Assessing Officer had also received specific information from the investigating wings outlining the systemic evasion of taxes by the assessee and others. as fresh material for coming to the prima facie conclusion that the assessee had failed to disclose fully and truly all material facts necessary for his assessment for the assessment year 2012-13. The notice of reassessment was valid. (AY.2012-13)