Assessing Officer passed assessment order under section 143(3) dated 31-12-2007.  Rectification order under section 154 dated 6-5-2009 was also passed.  Subsequently assessment was reopened and order under section 143(3) read with section 147 dated 18-12-2009 was passed. Thereafter assessee received a notice dated 31-3-2010 under section 148 from Assessing Officer alleging that he had reason to believe that assessee’s income chargeable to tax for assessment year 2005-06 had escaped assessment within meaning of section 147 of the Act. Assessing Officer also rejected assessee’s objections to reopening On writ allowing the petition the Court held that  the entire basis of forming an opinion that there had been an escapement of assessment was that profit arising out of sale of shares by assessee was nothing but business income and, therefore, profit arising out of sale of shares held by assessee in group companies would be treated as assessee’s income from business and not profit arising out of sale of investment-It was also noted that in assessment order dated 31-12-2007 passed under section 143(3) same point raised in reasons for reopening had been discussed and considered. Reassessment notice on basis of change of opinion which could not be a ground for reopening. Reassessment notice was quashed. (AY. 2005-06)