Reopening notice under section 148 was issued on the  ground that excessive share premium received by assessee, which was chargeable under section 56(2)(viib), had escaped assessment. On writ it was contended  that the   specific queries were raised by Assessing Officer during scrutiny assessment with respect to issue of shares at premium and its valuation and assessee had duly disclosed details regarding same in form of names, PAN number, confirmations and ITR of persons from whom premium were received, method adopted for computing premium of shares, valuation certificates under FEMA regulations etc.  It was   held that  a detailed explanation for non-applicability of provision of sections 79 and 56(viib) was also projected stating that since share capital and share premium consideration were received from holding company based in Netherlands, no ITR was filed in India and there was no transfer of shareholding power. Allowing the petition the court held that  since reassessment proceedings was initiated on basis of very same material which was available at time of original assessment and no new material or information came within knowledge of revenue, the notice issued and consequent order passed were set-aside.(AY. 2016-17) (AY. 2015-16)