Assessee (Alcatel Portugal) was one of Alcatel Group entities which had supplied telecom equipments to customers in India.  During assessment years under consideration, assessee did not have any office, premises or other place of business in India except a project office (PO) in India and PO of assessee earned interest income which was offered to tax and assessment was completed. Thereafter, assessments were reopened by issue of notice under section 148 on ground that assessee had dependent agent PE in India and as attribution of profit at 2.5 per cent in case of Alcatel France (one of group entities) for assessment year 2006-07 was only on account of activities performed by project office, and, thus, attribution in case of assessee needed to be increased. On appeal the Tribunal held that the Assessing Officer had not given any independent finding based on facts of assessee’s case as to why there should be any profits attributable to PO of assessee and Assessing Officer merely relied on findings of fact in case of Alcatel France and attributed profits to PO of assessee. Accordingly  entire issue should be restored to Assessing Officer for de novo adjudication.  (AY. 2002-03, 2003-04)