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4. At the outset, the ld. Counsel for the assessee has brought our attention to the reasons for reopening of the assessee, which are extracted as under:

"An information has been received from the DDIT(Inv.). Unit-2(1), Kolkata stating that M/s. Om Creation, Prop: Mr. Balkishan Joshi maintains a current account with Indusind Bank Burrabazar Branch. The transactions are cast deposits followed by RTGS debits. On perusal the ITD database, it has been found that the assessee has never filed his return of income whereas he transactions through his bank account were huge. It has been reported by the investigation wing that the bank accounts have been used for layering of funds before transfer to the account of beneficiary. As per the cash trail several beneficiaries have been traced out where it was seen that before transfer to the beneficiary, the alleged funds were rotated through 2-3 intermediate bank accounts. One of the beneficiary is the assessee Company and it has received Rs. 50,00,000/- from M/s. Sanhit Vincom Pvt Ltd during F.Y.-2010-11. Another information has been received from the DDIT(Inv.), Unit-2(1), Kolkata stating that Amit Sutradhr have transferred funds to the account of Barbarik Marketing Pvt Ltd and there were several other transactions in bank account of Amit Sutradhar and Barbarik Marketing Pvt Ltd without any financial rationale. As apparent from the transaction pattern Barbarik Marketing Pvt Ltd is a shell company whose bank account was used for rotation of money. One of the beneficiary is the assessee company and it has received Rs.50,00,000/- from M/s Barbarik Marketing Pit Ltd during F.Y 2010-11. So, I have reason to believe with the materials on record hat income of Rs.1,00,00,000/- as escaped assessment within the meaning of section 147 of I. T Act 1961. Hence, notice u/s 148 of the Income-Tax Act 1961 has to be issued after obtaining necessary approval from Ld. Pr. CIT-2, Kolkata."