Assessing Officer initiated reassessment proceedings on two grounds, firstly, loss arising from switching over from one plan of mutual funds to another was of capital nature and therefore, assessee was not entitled to deduct aforesaid loss from profits of business activity. Another ground for reopening assessment was that loss arising from derivative contracts was speculative in nature and therefore assessee was not entitled to adjust same against non-speculative business income. Tribunal held that as  regards first reason, it was noted that Assessing Officer had treated profit from sale of mutual funds as business income and thus loss transaction from sale of mutual funds could not be given a differential treatment . So far as other reason was concerned, it was undisputed that all relevant facts were placed on record while claiming loss arising from derivative transactions to be business loss which were duly accepted and in such a case, reopening of assessment was merely based on change of opinion. Accordingly the reassessment proceedings were quashed. (AY.2005 -06)