Allowing the petition, the Court held that the reasons recorded by the Assessing Officer did not elucidate what material was not disclosed fully and truly by the assessee, failure to disclose which had led to the income escaping assessment. The basis for the reassessment proceedings was the audit objection and the entertaining of the special leave petition of the Department by the Supreme Court against the judgment in CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. [2015] 374 ITR 645 (Bom) (HC).  Even that objection lost its substratum since the appeal preferred by the Department in CIT v. Container Corporation of India Ltd. [2018] 404 ITR 397 (SC) had since been dismissed. Accordingly, the notice under section 148 and the order rejecting the assessee’s objections were unsustainable and accordingly quashed. (AY.2015-16)