The Assessing Officer issued reassessment notice on the ground that the  assessee had not disclosed full and true value of consideration of subject parcels of land sold as it was less than prescribed circle rates. On writ the Court held that  capital gains were calculated by assessee by taking circle rate into account hence the  provisions of section 50C were not applicable, as computation of capital gains was based on circle rate. Further, real difference in LTCG computed by Assessing Officer and assessee pertained to difference in cost of acquisition. There was no reason between material and revenue’s belief on income escapement. Reassessment notice and order disposing the objection is quashed.(AY. 2011-12)