The assessing Officer has initiated the reassessment on ground that assessee had issued preference shares of face value of Rs. 10 each at premium of Rs. 488 per share but market value of each share was Rs.25.20 only and consideration received from issue of shares which exceeded face value of such shares was required to be assessed to tax under section 56(2)(viib) of the Act. Learned single  quashed the reassessment proceedings on the ground that  no tangible material or fresh material had come to notice of Assessing Officer, and further Assessing Officer had, in fact, made a modification to valuation of first lot of shares during original assessment. On appeal division bench affirmed the order of the single judge and held that reassessment notice was not valid. (AY. 2014-15)