Held, that the Income-tax Officer had recorded the reasons for reopening only on the basis of the material available during the course of the original assessment and there was no fresh material to form a reason to believe that income had escaped assessment. The assessee had disclosed all material facts during the course of the original assessment and in response to the notices issued under sections 143(2) and 142(1) of the Income-tax Act, 1961 and the assessment order was passed after considering the details provided by the assessee. The Assessing Officer did not have any jurisdiction to issue the notice in the absence of any basis except assumptions and presumptions. The notice of reassessment was not valid.(AY. 2016-17)