Allowing the petition the Court held that the reasons for reopening the assessment under section 147 were cryptic and that they did not furnish details, on the basis of which the assessee could defend his case. The statement of the Assessing Officer that from the data made available, it was seen that the assessee had created a profit/loss of Rs. 74,62,860 and that both buying and selling of trades had been executed at the Bombay Stock Exchange did not give any fact regarding the transactions or other attendant facts except saying that the assessee had engaged in the trading at the stock exchange to create profit or loss. The ground for reopening was unreasoned. Therefore, the notice issued under section 148 for the assessment year 2015-16 is set aside. The Assessing Officer is not precluded from proceeding again against the assessee by issuing fresh reasoned notice under section 148 if the limitation period permitted. (AY. 2015-16)