Dismissing the writ appeal of the Revenue the Court held that   while furnishing the reasons for reassessment by its communication dated January 6, 2014, there was no finding that there was failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. There was not even a whisper of an allegation that such escapement had occurred by reason of failure on the part of the assessee to disclose fully and truly all the material facts necessary for his assessment.  There was legislative affirmation of the view taken by the assessee by way of an amendment introduced to section 115JB of the Act with regard to the treatment of bad and doubtful debts whereby the position of law declared by the Supreme Court was neutralised with retrospective effect from April 1, 2010. The notice of reassessment for the assessment year 2006-07 was not valid. (AY.2006-07).