ORDER :

The writ on hand is filed by the petitioner, challenging the notice issued under Section 148 of the Income Tax Act, 1961 [hereinafter referred to as the 'Act', in short] and the consequential proceedings dated 06.08.2018 issued disposing of the objections submitted by the petitioner.

2. The petitioner-Company filed the Return of Income for the assessment year 2013-2014 on 31.03.2015. The Return was duly processed under Section 143(1) of the Act. The case was selected for scrutiny assessment by issue of notice under Section 143(2) of the Act and the assessment order was passed by the Competent Authority on 31.03.2016.

3. The petitioner states that in the assessment order dated 31.03.2016, the Assessing Officer reassessed the total income at Rs.3,68,43,816/- and increased the net balance tax payable to Rs.96,15,940/-. Out of the total addition made, an amount of Rs.1,23,58,000/- was made according to Section 56(2)(viib) of the Income Tax Act, 1961 on the ground that the petitioner-Company has issued 6,00,000 equity shares of face value of Rs.10 at a premium of Rs.90/-. The Assessing Officer observed that as the petitioner-Company failed to obtain achievement targets as per the forecast the value of share should be recomputed and the excess share value received by the petitioner-Company over the market value has to be disallowed as per Section 56(2)(viib) of the Act.

4. The petitioner states that over the entire additions made, the company has preferred an appeal before the Commissioner of Income Tax (Appeals) on all the additions/dis-allowances and the same is pending for disposal. In the meantime, on 10.08.2017, the petitioner received a notice under Section 148 of the Act, from the second respondent proposing to reopen the concluded assessment for the assessment year 2013-2014 on the premise that the Assessing Officer has reasons to believe that income liable to be taxed has escaped assessment within the meaning of Section 147 of the Act.

5. The petitioner filed a letter dated 31.08.2017, seeking reasons for reopening. The second respondent, in letter dated 05.09.2017, furnished the reasons stating that the petitioner-Company has converted 50,01,514 preference shares into equity shares and Rs.5,00,00,000/- worth debentures into equity shares of Rs.10/- each at the premium of Rs.90/- per share which totals to 10,00,151 shares. Since, in the assessment order passed under Section 143(3) of the Act, dated 31.03.2016, the difference between the market value and the share value in respect of 10,00,151 shares to the tune of Rs.2,09,33,160 /- was not brought to tax under Section 56(2)(viib) of the Act, proceedings are claimed to have been initiated.

6. The learned counsel appearing on behalf of the writ petitioner strenuously contended that there is no tangible material available to satisfy the requirement of Section 147 of the Act. Thus, the reopening of assessment by issuing notice under Section 148 of the Act, is nothing but change of opinion by the Assessing Officer.

7. The petitioner submitted various documents, including Return of Income, Balance Sheet for the relevant assessment year, Auditor's Report etc., and the respondents without considering any of these documents reopened the concluded assessment which became final. Thus, the petitioner raised an objection for reopening by elaborating the reasons.

8. It was contended before the respondents that there is no fresh material to substantiate the requirement of reasons to believe as contemplated under the provisions of the Act. Without considering any of these grounds, the respondents issued the impugned order, disposing of the objections filed by the petitioner in proceedings dated 06.08.2018, which is under challenge in the present writ petition.

9. The learned counsel for the petitioner solicited the attention of this Court with reference to the findings made in the origi