Allowing the petition the Court held that the reasons recorded with regard to applicability of S.  40(a)(ia) of the Act had already been considered by the Assessing Officer during the course of assessment proceedings. Similarly, details of bonus and remuneration paid to the directors and details with regard to payment of dividend and profits to the directors of the assessee were also furnished during the course of the assessment, and therefore, the question of disallowance in view of S. 36(1)(ii) of the Act would not arise. The details of tax deducted at source were also furnished during the course of assessment proceedings. In such circumstances, when the entire material had been placed by the assessee before the Assessing Officer, and he had accepted the view canvassed by the assessee, merely because he did not record such acceptance in the assessment order that would not be a ground to conclude that income had escaped assessment. The notice of reassessment was not valid.