Tribunal held that the reasons recorded were vague and general in nature. In this case the proviso to section 147 came into play. The assessee had disclosed during the course of the original assessment proceedings the details of all the creditors. The assessee had filed a copy of the notice issued under section 142(1) along with the annexure and replies. He had also filed a copy of the unsecured loan account which contained the account of the lender. The assessee had paid interest on this loan and deducted tax at source. The loan had been repaid within the same year. On these facts, it was wrong on the part of the Assessing Officer to state that the assessee had failed to disclose fully and truly all material facts necessary for assessment. Merely alleging that there was failure to disclose, would not serve the purpose. In this case, a factually wrong allegation had been made that the amount of Rs. 10 lakhs had not been fully and truly disclosed. Reopening of the assessment on such wrong reasons could not be upheld. Tribunal also held that  as the assessee had explained the credit and as the amount had also been repaid along with interest, the addition made under section 68 was not justified.( AY.2011-12)