Allowing the petition the Court held that since same issue was raised by Assessing Officer during original assessment proceedings which was specifically responded to by assessee, there was no failure on part of assessee to disclose fully and truly material facts, nor there was any tangible material with Assessing Officer which would justified reopening of assessment. Fair value of shares which were issued at premium was determined as per valuation report obtained from CA wherein DCF method was adopted for valuation and said submission were accepted by Assessing Officer. Reassessment notice and order disposing the objection was quashed. (AY. 2015-16)