The Assessee had issued shares at a premium; the crux was whether assessment for AY 2015-16 could be reopened solely due to a perceived exponential hike in share premium when that very issue had been scrutinized originally. The Assessee contended that since the rise in share premium was already considered in the original assessment, reopening without new/tangible material was barred as a mere change of opinion.

The Revenue sought reopening under Sec. 148 citing substantial increase in share capital due to high share premium, contending income chargeable under Sec. 56 required reassessment. The Hon’ble Gujarat High Court set aside Sec. 148 notice, holding that reopening on the same issue without fresh material constitutes a change of opinion. The Hon’ble Supreme Court found no ground to interfere under Article 136 and dismissed the Revenue’s SLP, in favour of the Assessee. (AY. 2015-16)