Allowing the petition the Court held that the market value determined by the collector for the payment of stamp duty was more than the sale consideration. The Assessee challenged the market value determined. The Government of Andhra Pradesh, by notification, reduced the valuation. AO finalised the Order based on the value as per the said notification. Since AO had all the information required to finalise the order. The Assessing Officer issued notice under section 148 of the Act. On writ the Court  held that there was never a failure from assessee to truly and fully disclose material facts. Hence, assessment could not be reopened under S.147.  Accordingly the reassessment notice and order disposing the objection is quashed. (AY. 2006-07)