Allowing the cross objection of the assesee the Tribunal held that, there was no failure  on the part of the assessee to disclose material facts. The reasons recorded stated that income returned u/s. 115JB was accepted on misinterpretation of law which could not be sustained. Tribunal also held that the  approval granted was without application of mind. Accordingly the reassessment is held to be bad in law. (AY. 2013-14)