Assessing Officer issued a notice under section 148A(b) on ground that during search operation carried out in case of builder, there was some material found regarding unaccounted income which included on-money receipts on sale of flat by a land development company, Lucina, to different customers which included assessee.  Assessee replied that payment for flat was made out of redemption of fixed deposits and loans from daughter and son-in-law and denied of payment of any amount in cash to builder in addition to basic price of flat.  Assessing Officer passed an order holding that source of income for purchase of immovable property remained unexplained and therefore, it would fall within meaning of assets as per Explanation 1 of section 149. On writ allowing the petition the Court held that  only basis on which an allegation was made that assessee had paid cash was a statement of somebody from Lucina, moreover, there was nothing on record to indicate that assessee had paid said amount. Further this amount of Rs. 20.91 lakhs had been offered by Lucina to tax before Settlement Commission. Since there was no tangible material to issue notice under section 148A or section 148, notice and assessment order  is quashed  set aside (AY. 2015-16)