Allowing the appeal the Court held that there was no information available with the Assessing Officer specific to the assessment year . The reasons for reopening the assessment did not make any reference whatsoever to any “information” in the possession of the Assessing Officer that persuaded him to form the belief that income had escaped assessment. The only “information” available with him was the assessment order for the assessment year 1987-88, and no additions were made to the income of the assessee then. If that was the only basis for the reopening it was not permissible. The jurisdictional requirement of S. 147(b) as it stood at the relevant time was not fulfilled. The initiation of reassessment under S.  147 was invalid. The additions made by the AO under  S.  68 on account of the additional share capital amount was to be set aside.(AY.1986-87)