Dismissing the appeal of the Revenue the High Court held  that the fundamental principle of law was that the reason should disclose failure on the part of the assessee to truly and validly disclose material facts necessary for the assessment. From the reasons recorded for reopening the assessment under section 147 for the assessment year 2008-09, it was clear that the material already available in the books of account had been reappraised by the Assessing Officer and notice under section 148 had been issued. In the absence of any such allegations against the assessee the Tribunal was justified in reappreciating the fact to conclude that the reopening of the assessment was bad in law and in setting aside the assessment order under section 147 read with section 154 and section 143(3). SLP of Revenue is dismissed. (AY. 2008-09)