Allowing the petition the Assessing Officer did not have any new tangible material for reopening the proceedings, as the reason was prefaced by the sentence in the return of income filed for the assessment year 2011-12, the assessee had debited a certain amount. The Assessing Officer had not brought on record any new tangible material to reopen the assessment beyond the period of four years. Therefore, the reassessment proceedings being without jurisdiction were quashed. (AY.2011-12)