Allowing the petition the Court held that there was no allegation that the income which had escaped assessment was represented in the form of an asset. Therefore, the conditions as stipulated in clause (a) of the fourth proviso to section 153A(1) were not satisfied. The Assessing Officer did not have possession of any books of account, other documents or evidence, which revealed that the assessee’s income that was represented in the form of an asset as defined in terms of Explanation 2 to section 153A(1) which included immovable property being land or building or both, shares and securities, loans and advances, deposits in bank accounts, had escaped assessment. He had sought to disallow expenses doubting their genuineness holding that they were not incurred wholly or exclusively for the purpose of the assessee’s business. In the absence of any further material to establish that such expenses had resulted in the acquisition of any asset, the conditions stipulated in the fourth proviso to section 153A(1) would not be satisfied. Therefore, the period of limitation for issuing a notice under section 153A had to be confined to a period of six assessment years immediately preceding the assessment year relevant to the previous year in which the search under section 132 was conducted. The search having been conducted in the financial year 2022-2023, the relevant block of six assessment years would be the six assessment years preceding the assessment year 2023-2024. Accordingly, since the assessment year 2016-2017 fell beyond the block of six years the notice issued under section 148 and the reassessment proceedings under section 147 initiated pursuant thereto were set aside.(AY. 2016-17)