AO  reopened the  assessment on ground that re-insurance premium was paid by assessee to non-resident company contrary to provisions of Insurance Act and without deducting TDS while making payment of re-insurance premium to the non-resident company.  Allowing the appeal of the assessee the Tribunal held that,   It was not case of revenue that any new material was found for purpose of reopening of assessments—On basis of material already available while processing assessment, AO came to a conclusion that assessee had not deducted tax while making payment towards re-insurance premium. When the AO examined material available on record while passing order u/s 143(3) and assessee also disclosed payment of re-insurance premium, it could not be said that there was any negligence on part of assessee in disclosing relevant material for completing assessment. Therefore reassessment is held to be bad in law. (AY. 2003 -04 2004-05).