In view of the entire examination of facts on record and the judicial pronouncements, it is absolutely clear that there was no new material in front of the AO to form 'reason to believe' that any income has escaped assessment. The power of the learned CIT(A) is co-terminus with that of the AO and he has made statement on record that there was no new material before the AO so to resort to the provisions of s. 147/148 of the Act. Even before us, the learned Departmental Representative could not bring any material on record to controvert these facts nor could place before us any case laws in support of the Revenue. The binding judicial pronouncements as on record have also been considered and are equally applicable to the facts of thepresentcase. That further, once reassessment proceedings and the consequent order passed is declared void ab initio as per law and hence, quashed, the issue of book profits determined under s. 115JB of the Act becomes academic in nature. Therefore, we do not find any infirmity with the findings of the learned CIT(A) and the same is hereby upheld.