AO passed order u/s. 143(3) by rejecting assessee’s claim of such income on securities not being taxable in India, However, he allowed assessee’s claim of interest income on ECB. AO issued notice proposing to reopening of assessment for failure on assessee’s part that it did not made true and full disclosure regarding its beneficial ownership status accordingly  claim of exemption on interest on ECB was chargeable to tax under Act. Allowing the petition the Court held that AO not only  considered assessee’s claim during scrutiny assessment, not being satisfied, raised multiple queries during such assessment. Reopening is  based on mere change of opinion and would be impressible.  Accordingly notice was set aside. (AY. 2011-12)