Allowing the petition the Court held that the Assessing Officer had not applied his independent mind while recording the reasons that the income had escaped assessment. The original assessment record was with the Assessing Officer. The scrutiny assessment had been challenged by the assessee-company and the appeal was pending before the Appellate Tribunal. As the issue of alleged transaction of Rs.7,50,055 was earlier added by the Assessing Officer under section 68 of the Act at the original assessment stage, the same amount could not be brought to tax once again in the reassessment proceedings. It was not the case of the Revenue that the transaction as reported by the Investigating Wing, Surat was distinct and had no relation with the earlier scrutiny assessment made under section 143(3) of the Act. Thus, as such there was no tangible material in the hands of the Assessing Officer for reopening of the proceedings. The notice of reassessment was not valid. (AY. 2012-13)