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[2008] 166 Taxman 145 (Delhi)/[2009] 311 ITR 386 (Delhi)/[2007] 212 CTR 413 (Delhi) [2008] 166 TAXMAN 145 (DELHI) HIGH COURT OF DELHI Commissioner of Income-tax * v. Ashoka Builders (P.) Ltd. MADAN B. LOKUR AND DR. S. MURALIDHAR, JJ. IT APPEAL NO. 908 OF 2007 SEPTEMBER 25, 2007 Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 1996-97 - Subsequent to completion of assessment, Assessing Officer found that assessee had set off loss from transaction of shares to tune of Rs. 15,73,020 from business income; and, hence, loss in share dealing should have been treated as speculative loss which could not be set off against business income as per Explanation to section 73 - Assessing Officer in view of above finding had reason to believe that income to tune of Rs. 15,07,070 had escaped assessment - Assessing Officer, accordingly, reopened assessment after issuing notice under section 148 - Assessee's case was that entire material had been disclosed to Assessing Officer who had even asked for details relating to purchase and sale of shares; and since entire material had been disclosed, Assessing Officer had done nothing more than change his opinion for issuing a notice under section 148 after expiry of period of four years from end of relevant assessment year - Whether since all material had been produced by assessee before Assessing Officer, it was clear that reopening of completed assessment of assessee in instant case was only as a result of change of opinion of Assessing Officer - Held, yes Ms. P.L. Bansal for the Appellant. Tarun Kumar for the Respondent. ORDER 1. In this appeal under section 260A of the Income-tax Act, 1961 ('Act'), the revenue is aggrieved by an order dated 28-2-2007 passed by the Income-tax Appellate Tribunal ('Tribunal'), Delhi Bench "D", New Delhi in ITA No. 4787/Delhi/2004 relevant for the assessment year 1996-97. 2. The assessee was originally assessed under section 143(3) of the Act on 31-3-1999 on a total income of Rs. 5,08,381. Thereafter, on 11-3-2003 the assessment was sought to be reopened by issuance of a notice under section 148 of the Act. The reasons for reopening…

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