B.P. COLABAWALLA, J.

1. Rule. By consent of parties, made returnable forthwith and heard finally.

2. By this petition, under Article 226 of the Constitution of India, the Petitioner seeks quashing of the notice dated 28th February 2011 (impugned notice) issued by Respondent No.1 under section 148 of the Income Tax Act 1961 (the Act) in relation to Assessment Year 2005-06.

3. There are three principal grounds of challenge. Firstly, as more than four years had elapsed from the end of the relevant Assessment Year 2005- 06, Respondent No.1 could not have issued the impugned notice without coming to the conclusion that he had reason to believe that income had escaped assessment by virtue of the fact that the Petitioner had failed to disclose fully and truly all material facts necessary for its assessment. In the present case, apart from making a bald assertion that there was a failure on the part of the Petitioner to disclose fully and truly all material facts, no details thereof were furnished in the reasons for re-opening the assessment under section 147 of the Act and hence, the initiation thereof was bad-in-law. Secondly, the Petitioner had in fact disclosed fully and truly al