Allowing the petition the Court held that ; if the primary facts were placed before the Assessing Officer he would have been in a position to take a decision thereupon, and it could not amount to failure on the part of the assessee to withhold to furnish the material particulars. The assessee had placed on record the necessary information for the purpose of assessing the income as regards the transfer of shares. Production of form 29B under rule 40B was a requirement at the time of original assessment and during the scrutiny assessment, the assessee was specifically called upon to respond to certain queries, which the assessee did what was sought to be done by the Assessing officer in reopening of the assessment by issuing notice under S.148 after a period of four years was on a mere change of opinion and the reason of non –furnishing of the form was only an attempt to exercise a non –existent power. The assessee did not fail to disclose all the material facts necessary for the assessment. Referred Gemini Leather Store v. ITO ( 1975) 100 ITR 1(SC) (AY.2010-11)