AO issued a reopening notice on ground that retention money of certain amount held back by assessee company from its contractors could not be allowed as expenditure as it was contingent in nature.  The assessee filed writ challenging the notice issued u/s 148 of the Act. Dismissing the petition the Court held that the retention money which was claimed by assessee as expenditure by debiting it fully in profit and loss account was actually held back by assessee was not truly disclosed by assessee in its return of income, annual reports, disclosures, audit reports, memo of total income, thus, there was no full and true disclosure of facts by assessee, impugned reopening notice was justified. (AY. 2006-07)