Dismissing the petition the Court held The assessment had been reopened beyond a period of four years, but within a period of six years and therefore, mere availability of tangible material would be sufficient for the purpose of invoking the powers under section 147 of the Act. The failure on the part of the assessee was considered for reopening of assessment and the finding was given that the assessee had misled the assessing authorities by furnishing incorrect particulars. It was for the assessee to establish its case during the course of reassessment proceedings availing of the opportunities to be provided by the authorities in accordance with law. (AY. 2006-07)