The Assessing Officer sought to reopen an assessment to treat the assessee’s profit on the sale of investments as business income instead of capital gains. The High Court quashed the reassessment notice, holding that since the Assessing Officer had considered the issue in the original assessment-noting the profit and concluding that the activities were in respect of capital gains-the reopening was based on a mere change of opinion. Further, the Court held that as the same issue was the subject-matter of revision proceedings under section 263 which were subsequently dropped by the CIT, the Assessing Officer could not reopen the assessment on the same grounds. (AY. 2008-09)