Allowing the petition the Court held that, it is a cardinal principle of law that if relevant materials and objections are produced before a quasi-judicial authority, the quasi-judicial authority is duty-bound, under law, to advert to them, discuss them and then reject them by recording reasons. Accordingly the assessment order passed without considering relevant materials and objections raised by assessee was held to be arbitrary and violative of principles of natural justice was quashed .Assessing Officer was directed to pass the order in accordance with law .