Reopening based on mistaken facts was invalid

Excel Financial Consultants Pvt. Ltd. Vs ITO (ITAT Kolkata) From the gist of the reasons recorded by the A.O, I discern that the A.O was informed by the Investigation Wing that two companies namely M/s. DRS Enterprises Pvt. Ltd. and M/s. Hanuman Traders Pvt. Ltd. are controlled by well-known entry operators of Kolkata (who are the entry operators ? AO didn’t specify) for the purpose of providing accommodation entry in the form of bogus share capital/share premium, pre-arrange bogus LTCG/STCL and unsecured loans etc., which are paper/shell companies having dummy directors (who are the dummy d...