Assessee received share application money. During search conducted at premises of assessee and its group companies, assessee’s chairman disclosed statement of one, GL about declaration made under Income Declaration Scheme to effect that it utilized undisclosed cash for investment in share capital of assessee through various companies.. Assessing Officer  issued reassessment notice On writ the High Court held that  IDS and immunity was to be given in respect of declared amount  hence  declaration would not provide immunity from taxations in hands of a non-declarant assessee. Since reopening of assessment was based on material seized during search and correlating same with return of income of assessee, Assessing Officer had reasons to believe that income had escaped assessment and reassessment notice  is  valid.  (AY. 2010-11)