Dismissing the petition the Court held that  the Assessing Officer had taken note of two entries that too after issuing due notice to the assessee and passing an order under section 148A(d), which established due compliance with the procedure. Therefore, initiation of reassessment proceedings was well founded on satisfaction as to escapement of income, from tax. The fact that some part of the allegation of escapement was being dropped or not pursued at the stage of quantification of income, would not nullify the assumption of jurisdiction.(AY.2013-14)