Assessee-company filed its return of income and assessment was completed u/s 143(3) of the Act.  Assessing Officer issued a notice under section 147 after expiry of four years on basis of beneficiaries information received in case of a penny stock company that assessee was indulged in creating fictitious long-term capital gain on purchase and sale of penny stocks. The assessee filed writ petition challenging the notice issued u/s 148 of the Act . Allowing the petition the Court held that during assessment proceedings assessee had made available details related to date of purchase and sale of alleged shares and capital gain/loss made therein and Assessing Officer based on said material had conclusively taken a view Since reassessment was based on a reconsideration of material already available on record at time of original assessment proceedings, same would tantamount to a change of opinion and invalid .  Accordingly the notice issued under section 148 and consequent reassessment order  was quashed .  Followed Crompton Greaves Ltd. v. Asstt. ( 2015)) 229 Taxman 545/ 279 CTR 49( Bom)( HC )

(AY. 2012 -13)