The High Court quashed a notice of reassessment notice   and the order rejecting the assessee’s objections to the notice, holding that there was no new material mentioned in the reasons recorded, to believe that income had escaped assessment under section 147, which was not contained in the information provided by the assessee prior to the conclusion of the assessment under section 143(3) in which the Assessing Officer had been satisfied with the details and information provided by the assessee, that an allegation that the companies were “paper companies” without further facts was by itself insufficient to reopen an assessment under section 147, that the primary facts, the existence of the five companies, their subscription to share capital, payment of money to the assessee and the companies being assessed to tax, had not been shown to be false, and that therefore, the assessee could not be said to have failed to disclose fully and truly all the material facts.. On appeal SLP of Revenue is dismissed.  (AY.2008-09)