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7. Bearing in mind the aforesaid principles, we proceed to examine the reasons recorded by the Assessing Officer on 17.2.2009 under Section 148(2). They are as below:-

"After the humanitarian crises triggered by UN embargo on Iraq after the first Iraq War ( Operation Desert Storm) in 1991, the United Nations approved a relief programme under its aegis in 1996. This relief programme came to be known as UN Oil-for-food Programme. This programme involved opening of an UN controlled escrow account wherein the sales receipt of oil by State Oil Marketing Organization (SOMO)- a govt. agency of Iraq were to be deposited and from this account payments for civil supplies in Iraq were to be released. The SOMO was, however, free to allocate oil to whom it wanted. Soon allegations emerged that these Oil Coupons were distributed by SOMO against payments of premium in the Iraqi regime designated bank accounts in Jordan. There were charges of corruption and maladministration and subsequently the UN Secretary General appointed an independent three members inquiry committee known as Volcker committee. After submission of the Volcker Committee report the Indian Government appointed Justice R. S. Pathak Inquiry Authority to look into the case of corruptions pertaining to Indian entities. Subsequently, investigations have been carried out by the Enforcement Directorate and the Investigation Wing.