Dismissing the appeal of the revenue the Court held that, the only basis of reopening of assessment by the AO in the regular assessment did not apply provisions of S.79 of the Act to determine the taxable income . This non application of mind by the AO while carrying out assessment cannot lead to the conclusion that there was failure on the part of the Assessee to truly and fully disclose all material facts necessary for assessment .As there was No failure to disclose all material facts -Reassessment is bad in law . Followed Calcutta Discount Company Ltd v. ITO (1961) 41 ITR 191 (SC) (ITA No. 802 of 2015 dt.29 -1-2018) ( AY. 2003 -04)