Income Tax Act, 1961 – Sections 143(3), 147 and 148 – Reopening of assessment – Validity – Assessee challenged legality of assessment framed by AO under Section 143(3) read with Section 147 of the Act – Whether CIT(A) has erred in confirming validity of reassessment proceedings initiated by AO under Section 147 of the Act – HELD – Case of assessee was re-opened under Section 147 of the Act by issuing notice under Section 148 of the Act on ground that income of assessee to some extent has escaped assessment within meaning of Section 147 of the Act, as assessee has not disclosed full and true facts necessary for assessment of income – Issue which was the subject matter of reasons recorded under Section 148 of the Act was examined in original assessment proceedings which culminated in passing of assessment under Section 143(3) of the Act – Assessee has fully disclosed all facts qua said issue in original assessment proceedings – There is no failure on part of assessee to disclose any material fact concerning issue which was stated by AO to have caused escapement of income – Assessment framed by AO under Section 143(3) read with Section 147 of the Act is quashed – Appeals allowed