In this case the Hon’ble High Court held that during regular assessment the details of land cost was duly furnished in response to the query of Assessing Officer and after considering the same, assessment order was passed. Thus, reopening notice issued on the ground that the assessee had estimated net profit on cost of construction but had not included cost of land in cost of construction is bad in law as there is no failure on part of assessee to disclose truly and fully all material facts. Reassessment notice and order disposing the objection is quashed.  (AY. 2012-13)