Assessee-firm entered into transactions in Futures & Options (F&O) trading which resulted into loss  Such loss was duly reflected in profit and loss account Assessment was completed under section 143(3). After four years, Assessing Officer issued reopening notice against assessee based on information received from insight portal that assessee had entered into non-genuine transactions in F&O trading. On writ the Court held that  the  assessee had disclosed particulars of loss under head of ‘F&O’ in its return which was subsequently accepted by department.  No verification of material on record was made by Assessing Officer. There was no failure on part of assessee to disclose fully and truly all material facts necessary for its assessment, hence the notice and order disposing the objection was quashed and set aside. (AY. 2014-15)