The  assessee is  engaged in the business of real estate and development . The assessment was completed u/s 143 (3) of the Act  allowing the deduction claimed against interest income u/s 57 of the Act . The Assessment was reopened on the ground that the interest paid on the loans is allowable  under section 37 (1) of the Act . Since there was no business income during the year , the entire interest should have been capitalised to the  WIP as against claiming as deduction u/s 57  which is not an allowable deduction .   Against the disposal of objection , the assessee filled writ before the High Court .   Allowing the petition the Court held that there was neither an omission nor failure on the part of the assessee to disclose material facts necessary for assessment  . Reassessment notice was held to be bad in law .  ( WP No. 2814 of 2019 dt .14 -9-2021  ( AY.2012-13 )