Allowing the petition the Court held that  a  specific query was raised during the original assessment and the assessee had submitted the details of unabsorbed depreciation and business loss and also the computation of income. The assessee had also disclosed in the Schedule relating to minimum alternate tax the details of the working of book profits including specific disclosures of the amount under the head “loss brought forward or unabsorbed depreciation, whichever is less”. There was no tangible material for the Assessing Officer to conclude that income had escaped assessment. The Assessing Officer had exceeded the limit of his jurisdiction to reopen the assessment in the exercise of powers under section 147 read with section 148. The notice and the order rejecting the objections were quashed and set aside. (AY.2012-13)