Allowing the petition the Court held that  the reasons recorded did not disclose any live link or fresh material to connect the transaction entered into by the assessee with the information in the possession of the Assessing Officer. The Assessing Officer had assumed jurisdiction on the basis of borrowed satisfaction without there being any live link between the information and the material on record. The notice under section 148 was issued for making a fishing inquiry which was not permissible. The notice issued under section 148 for reopening the assessment under section 147 for the assessment year 2014-2015 was quashed and set aside.(AY. 2014-15)