During pendency of appeal, the Assessing Officer issued a notice under section 148 for reopening the assessment in the cases of the assessee, CEPL and NH who was holding 45 per cent share in CEPL and 70 per cent share in the petitioner company for the assessment year 2013-14 on ground that the accumulated amount of reserves and surplus in the balance sheet of the assessee-company was less than loan amount given to CEPL and, thus, the loan amount advanced by the assessee to CEPL was required to be taxed as deemed dividend under section 2(22)(e). On writ allowing the petition the Court held that there was no failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment with regard to deemed dividend under section 2(22)(e) and hence initiation of the reassessment proceedings beyond a period of four years are not permissible and the same cannot be sustained on that ground alone. (AY. 2013-14)