Assessment was sought to be reopened in case of assessee after expiry of four years from end of relevant assessment year on ground that based on information received from DDIT (Inv), assessee had done transactions in shares of  Finalysis  Credit and Guarantee Company Ltd   which was a penny stock company traded in Bombay Stock Exchange.  Reasons also mentioned that statements of directors of Finalysis  Credit and Guarantee Company Ltd     had been recorded and they had admitted that company was a paper company. Investigation revealed that assessee had sold shares of Finalysis  Credit and Guarantee Company Ltd. worth Rs. 29.43 lakhs during relevant assessment year and therefore, assessment of said transactions had escaped assessment. On writ the Court held that there was no allegation at all in reasons recorded for reopening or in affidavit in reply that investigations revealed that assessee was mastermind or actively involved in rigging of share prices of Finalysis  Credit and Guarantee Company Ltd    in stock market.  To a query raised under section 142(1), assessee had also admitted that it had traded in Finalysis  Credit and Guarantee Company Ltd  and even provided documents thereto. Thus, issue of capital gains from shares which included shares of Finalysis  Credit and Guarantee Company Ltd. was under active consideration before Assessing Officer. Accordingly  here being no failure on part of assessee to truly and fully disclosed material facts, reopening of assessment after expiry of four years was not justified.  (AY. 2013-14)