The Tribunal held  that in the absence of nexus between the prima facie inference arrived in the reasons recorded and information vis-a-vis material tangible, credible, cogent and relevant to form a reason to believe, there was no basis to assume jurisdiction, the reasons recorded were highly vague, far-fetched and could not lead to a conclusion of escapement of income. The proceedings initiated were purely based on surmises, conjectures and suspicion and therefore, they were without jurisdiction and deserved to be quashed. (AY. 2011-12)