Dismissing the appeal of the revenue the Court held that when details of loss on sale of shares had been clearly disclosed in profit and loss account by assessee, while filing original return of income and assessing authority made a thorough scrutiny after issuing scrutiny notice and thereafter, passed original assessment order, it was clear that original assessment order was passed by Assessing Officer after forming opinion. Therefore, reassessment proceeding under section 147 would clearly amount to reviewing original order of assessment under section 147 under pretext of reassessment, which was not permissible.  (A.Y. 2007-08)