Tribunal held that the original assessment was completed on September 27, 2007. The Assessing Officer on the basis of the facts recorded by the assessee in the books of account came to know that the assessee had received share application money and share premium of Rs. 2,23,50,000. This fact was already available to the Assessing Officer at the time of passing of the original assessment order as the original return was filed on March 31, 2006 and was subjected to scrutiny assessment. The Assessing Officer in the reasons did not record if there was any failure on the part of the assessee to disclose truly and correctly all material facts necessary for assessment. He had not even mentioned the names of the parties from whom the assessee had received accommodation entry in the reasons. Thus, the first proviso to section 147 would apply in favour of the assessee and the Assessing Officer could not take any action against the assessee for reopening the assessment. Thus reopening of the assessment was illegal, bad in law and void ab initio.( AY.2005-06)