Assessee sold a property in 2012-13.  Assessee filed its return of income for assessment year 2013-14 and claimed that though property was sold in financial year 2012-13, but purchaser made payment in financial year 2013-14, therefore, no capital gain arose during assessment year 2013-14 and same arose in assessment year 2014-15.  Claim of assessee was accepted and an assessment order was passed. After four years, Assessing Officer issued reopening notice on grounds that assessee sold a property in financial year 2012-13 and as per sale deed an amount towards full and final sale consideration was paid to assessee within 16 days i.e. within financial year 2012-13 and, therefore, capital gain was to be considered for assessment year 2013-14 and not 2014-15 as claimed by assessee. On writ the Court held that there was no new tangible material available with Assessing Officer to form a belief that there was escapement of income chargeable to tax. Accordingly notice for reassessment was quashed. (AY. 2013-14)