Assessee-company was engaged in business of construction of residential building. It recouped cost of construction of building by issue of redeemable debentures to shareholders. During assessment proceedings, assessee explained how it issued further debentures for covering cost of construction. Assessing Officer completed assessment accepting income as per return of income filed by assessee.  Assessing Officer issued notice u/s. 148 of Act on the ground that amount which assessee received against new unsecured non-convertible redeemable debentures was actually sale consideration received in respect of sale of flats and that had escaped assessment. On writ allowing the petition the Court held since issue of debentures had been a subject of consideration of assessment proceedings, reopening of assessment after four years on same basis relying on same primary facts disclosed was not permissible. Reassessment notice and order disposing the objection was quashed.  (AY. 2001-02)