Held, that the entire basis for reason to believe was accessed from the assessee’s record and there was nothing to indicate that there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. The Assessing Officer had made bald allegations that even though the assessee had produced books of account, profit and loss account, balance sheet and other evidence, no requisite material facts, had been disclosed. Moreover undisputedly a query was raised during the assessment proceedings and the assessee had provided the details on capital gains on the sale of property. Just because it was not referred to in the assessment order, it did not mean that the query raised was not the subject matter of consideration while completing the assessment. This was a clear case where the reopening of the assessment was merely on the basis of a change of opinion of the Assessing Officer from that held earlier during the course of the assessment proceedings. The notice of reassessment is held to be  not valid.(AY.2012-13)