The  Assessing Officer sought to reopen assessment in case of assessee as on verification of records, he observed that Schedule 31 in profit and loss account showed that assessee company had debited a sum of Rs. 1070.42 lakhs towards ‘net loss of cancellation of forward contract’. According to Assessing Officer, this amount of Rs. 1070.42 lakhs was speculation loss and should not have been allowed against regular business income. On writ the Court held that all these details were available before Assessing Officer who passed assessment order and between date of order of assessment sought to be reopened and date of formation of opinion by Assessing Officer, nothing new had happened.  It was merely a fresh application of mind by a different Assessing Officer to same set of fact. Accordingly the notice for reopening assessment and order passed disposing of objections was  quashed and set aside.  (AY. 2012-13)