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JUDGMENT 1. This petition assails the notice dated March 29, 2012, issued under section 148 of the Income-tax Act, 1961 (for short "the Act"), seeking to reopen the assessment for the assessment year 2007-08. 2. At the very outset, when the matter was called out, Mr. Mistry, learned senior counsel appearing for the petitioners, stated that the issue stands concluded by the decision of this court in the petitioner's own case as identical facts and grounds for the assessment year 2008-09 by order dated February 11, 2014, in Writ Petition No. 137 of 2014 rendered on February 11, 2014, reported in Aroni Commercials Ltd. v. Dy CIT [2014] 362 ITR 403/224 Taxman 13/44 taxmann.com 304 (Bom.) in favour of the petitioner. The reasons furnished for reopening the assessment for the assessment year 2007-08 (in this case) are as under : "It is observed that the assessee is only engaged in the business of share trading and regularly doing purchase and sale of shares. The assessee has manipulated the affairs in such a way that where scrip has been sold within twelve months, it is claimed as short-term capital gains and taxed at a lower rate by applying section 111A. As the assessee is engaged in share trading activity only, all the income/receipts should be treated as business income including short-term capital gains and long-term capital gains. Reliance is also placed on the Board's Circular No. 4, dated June 15, 2007 (see [2007] 291 ITR (St.) 384). In view of the above, I have reason to believe that income chargeable to tax has escaped assessment for the assessment year 2007-08 by reason of the failure on the part of the assessee to disclose fully and truly the income under the correct head and all material facts necessary for the assessment of income resulting in the income being assessed at low rate/claimed exempt. Hence, the assessment is reopened by issue of notice under section 148." The reasons furnished by reopening the assessment for the assessment year 2008-09 (subject matter of challenge in W. P. No. 137 of 2014, dated February 11, 2014) reported in Aroni Commercials Ltd. (supra) is as under (page 409) : "It is observed that the assessee is only engaged in the…

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