The assessee, an LLP engaged in share trading, mutual funds and investment activities, had filed return declaring nil income for AY 2013-14. In the original scrutiny assessment completed u/s 143(3), the AO had raised detailed and specific queries regarding the assessee’s share transactions, including substantial loss in the scrip of Shree Nath Commercial and Finance Ltd., and the assessee had furnished all supporting records including purchase/sale details, broker ledgers, contract notes, demat statements, bank statements, volatility charts and the statement of its partner recorded during survey. Subsequently, notice u/s 148 was issued on the ground that the assessee had claimed bogus loss in the said penny stock scrip based on the survey conducted by the Investigation Wing and the Kolkata Investigation Wing report concerning 84 penny stock companies. The Tribunal held that the very foundation of reopening was bad in law since all the material relied upon in the reasons recorded, namely the survey dated 09.06.2015, the statement of the partner recorded on 09/10.06.2015, the investigation report dated 27.04.2015, and the details of transactions in the impugned scrip, were already available on record and had in fact been specifically examined by the AO during the original assessment proceedings. The issue had thus been subjected to detailed scrutiny and the reopening on the same material amounted to an impermissible review under the guise of reassessment. Following the principles laid down in CIT v. Kelvinator India Ltd.( 2010) 320 ITR 561 ( SC)  Bajaj Energy Ltd. v. ACIT,( 2024) 464 ITR 569 (Bom)( HC)  D.K. Realty India (P.) Ltd. v. ACIT ( 2023) 148 taxmann.com 468 ( Bom)( HC)  and Jainam Investments v. ACIT( 2021) 131 taxmann.com 327 ( Bom)( HC)  the Tribunal held that the assumption of jurisdiction u/s 147 was vitiated by change of opinion. Consequently, the notice u/s 148 and the reassessment order passed u/s 143(3) r.w.s. 147 were quashed and the additions on account of disallowance of business loss, disallowance u/s 14A and alleged bogus commission were held to be academic. (AY. 2013 -14 ) (ITA No. 6592/Mum/2025 , dt . 25.03.2026 )