Section 68 read with section 148 of the Income Tax Act, 1961 – Reassessment – Reassessment was unjustified as reopening notice was issued against assessee on grounds that assessee in profit and loss account had debited certain amount towards purchase of traded goods, however, goods were neither shown as sales nor as closing stock because of which income had escaped assessment. Since profit and loss account was thoroughly scrutinized during original assessment, there was no failure on part of the assessee – Sutra Ventures P. Ltd. Vs. Union of India [2020] 268 Taxman 367(Bombay)