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4. Learned Senior Standing Counsel for the Revenue, Mr. Puneet Rai submits that Section 3 of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 ('TOLA') applies to the unamended provisions of Section 149 of the Act (as it stood prior to its amendment by Finance Act, 2021) and therefore, the initial notice dated 29th June, 2021, and the proceedings taken in continuation as per the judgment of Ashish Agarwal (supra) are not time barred. He further states that the information pertaining to the petitioner, which is a part of the BDR Group is duly reflected in the investigation report and the said BDR Group is in the business of providing accommodation entries and as per the Revenue, the petitioner received bogus share premium and capital of Rs.
6. In the information shared with the assessee vide Notice dated 1st June, 2022 it was stated that the transaction of sale and purchase of shares held by the assessee by M/s Bagh Kothi Invest & Finance Private Limited and M/s Nandi Mercantile Pvt. Ltd. on 28.03.2013 is under scrutiny. The notice states that the creditworthiness and genuineness of this transaction of sale and purchase was not established. It was further stated that the petitioner-assessee is a part of the BDR group and it had received share premium to the tune of Rs. 69.93 crores from S.K. Jain group of companies, which are in the business of providing accommodation entries in the form of inter-alia bogus share capital. In support of the information, the Assessing Officer ('AO') relied upon the report of the Investigation Wing, Delhi and a survey report in the case of BDR Group.
8. The AO after considering the reply dated 15th June, 2022 of the petitioner, in the impugned Order referred to the survey action carried out on 13th December, 2018 on the premises of the entities belonging to the BDR Group and in fact survey was also conducted at the premises of the assessee.

The said survey as per the AO resulted in impounding of incriminating documents which disclosed that the BDR Group of companies are engaged in unaccounted cash transactions and one of the modus used by the said companies is to provide bogus share capital and bogus share premium to other companies. The AO has summarised the findings against the assessee at paragraph 6.2 of the impugned Order, which read as under:

"6.2 Following are the relevant findings with respect to the assessee M/s Touchstone Holding Pvt. Ltd. (PAN: AAACT1004E):
 This company is a group company of BDR group. This company itself appears in the list of SK Jain related entities. The financial profile of M/s Touchstone Holdings P Ltd does not show any significant business activity. It must be noticed that shares of the company were acquired by the persons belonging to the target group (i.e. BDR Group) in FY 2014-15.