Delhi HC quashed reassessment on 'Oriental Insurance' as reason to believe of AO was found erroneous

IT : Where in case of assessee carrying on general insurance business, assessment order was passed accepting assessee's claim that in view of omission of clause (b) of rule 5 of First Schedule of Income-tax Act w.e.f. 1-4-1989, profit from sale of investment was exempt from tax, Assessing Officer subsequently could not reopen assessment merely on basis of change of opinion that aforesaid income was liable to tax