Allowing the petition the Court held that the market price of shares was irrelevant because in the reasons recorded, nowhere was it specifically alleged and established that the alleged escapement of income was by reason of the so-called non-disclosure of the share price. In any event, such an allegation even if made, would be false because the balance sheet stated the market value and consequently, on this ground also, the notice and reasons assigned by the respondents deserved to be quashed. It was therefore clear that the jurisdictional condition precedent laid down by the proviso to section 147, i.e., failure to disclose a material fact, which failure allegedly is the proximate cause of the escapement of income had not been fulfilled at all and the notice was quashed. (AY. 2013-14)