The Petitioner had challenged a notice under section 148 of the Act and the consequential assessment order by way of a Writ Petition. The Hon’ble Delhi High Court on basis of the records observed that, there was no allegation or any material to indicate or even remotely suggest that assessee had earned income chargeable to tax which was camouflaged as an unsecured loan and reflected in the books of accounts. The Hon’ble Court further noted that there is no reason to even suspect that the balance sheet of the assessee did not correctly reflect its state of affairs. In such circumstances, there was a failure to meet the necessary conditions for initiating re-assessment under section 147 of the Act. Therefore, the impugned notice as well as the consequential assessment order were set aside.  (AY. 2012-13)