Dismissing the appeal of the revenue the Court held that  CIT(A) and Tribunal held that the  assessee had disclosed fact of acquisition of asset and transfer of development rights in note attached to return of income and in audited balance-sheet hence, there was no failure on assessee’s part in reasons recorded by AO, there was not even an allegation that there was any failure on part of assessee to disclose any material facts which in turn lead to escapement of income. Accordingly the  notice of reassessment is held to be bad in law. On appeal High Court also affirmed the order of the Tribunal.  Followed City and Industrial Development Corporation of Maharashtra Ltd. v. ACIT (WP no. 1568 of 2013 dt. 24-03-2014 ) (2014) 222 Taxman 203(Mag.) / 44 taxmann.com 443 (Bom.)(HC)  (AY. 2003-04)