ORDER :

1. Leave granted. We have heard learned counsel on both sides.

2. The assessee had disclosed full details in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vide his Order dated 23rd June, 2006, is clearly a change of opinion. In the circumstances, we are of the view that the order re-opening the assessment was not maintainable.

3. The civil appeal is, accordingly, dismissed. No order as to costs.

ORDER OF THE HIGH COURT ICICI Securities Ltd. v. CIT, WP (OS) No. 1919 of 2006, decided on 22-8-2006 (Bombay)

(H.L. GOKHALE AND J.P. DEVADHAR, JJ.)

4. Heard Mr Mistry for the petitioner and Mr Kotangle for the respondents. The respondents have filed their reply and the rejoinder has also been filed by the petitioner. Rule. Rule is made returnable forthwith.

5. We have noted the submissions of both the parties. The petitioner is a public limited company engaged in the business of carrying on various non-banking financial