The A.O. reopened the assessment under section 148 of the Act.  The A.O. after considering the evidences and material on record made the addition of Rs.20 lakhs in respect of four corporate entities under section 68 of the Act. The Ld. Pr. CIT held the aforesaid reassessment order to be erroneous and prejudicial to the interests of the Revenue because the A.O. has not examined the seized material and has failed to tax the correct amount as unexplained credit in the books of account of the assessee. The assessee requested for cross examination to the statement of the alleged entry provider, therefore the re-assessment order without proper verification and enquiries, and set aside and the A.O. was directed to pass the order afresh as per law. The Tribunal held that there is no other material available on record except the information received from the Investigation Wing. The A.O. on the basis of the information and material received from Investigation Wing has recorded reasons for reopening of the assessment which was ultimately found to be incorrect and non-existent. It is well settled law that when no new material other than examined by the A.O originally found on record for the purpose of initiating the re-assessment proceedings, the proceedings under section 148 of the Act would be invalid and bad in law. Since re-assessment order was invalid and bad in law, therefore, same cannot be revised under section 263 of Act, also no cross-examination have been allowed to the statement of the alleged entry provider, therefore, re-assessment order is bad in law and cannot be reviewed.  ( AY. 2007-08)