TaxTMI 
TaxTMI 
TaxTMI 
2011 (2) TMI 1388
X X X X Extracts X X X X
X X X X Extracts X X X X
....ding that recoding of reasons for escapement of income on the basis of MLA (master License Agreement) already available on record and considered by the A.O. during original assessment, without having regard to the fact that the A.O. by due diligence extracted the reasons from the record which should have been duly disclosed by the assessee in the return of income and it should have paid taxes @30% in place of 15% of gross receipt. 2) On the facts and circumstances of the case, the Ld. CIT(A) erred in holding that subsequent reassessment proceeding initiated by the A.O. through issue of notice u/s 148 of the I. T. Act as barred by limitation and without jurisdiction despite the fact that notice was issued well within the limitation provided....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sdiction, it was submitted that notice issued u/s 148 for both the years were barred by limitation in view of the proviso to Section 147 of the Act and therefore, assessment framed were bad in law. It was also submitted that the MLA was available before the A.O. at the time of original assessment made u/s 147/143(3) on 07.03.2005. Further, in the reasons recorded it is nowhere mentioned that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for completion of assessments. It was also submitted that initiation of 2nd reassessment proceedings, notice dated 26.03.2007 were issued by Shri Vijay Kr. Chadha Dy. Director of Income tax Circle-II, International Taxation, New Delhi. In response to t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the absence of such recording of reasons, and reopening of the assessment based on the material available on record amounts to change of opinion and therefore, assessment could not be upheld. 8. Ld. CIT(A) considered the submissions made by the assessee and after discussion in detail, various decisions on the issue, has held that reassessment proceedings have been initiated on the basis of same material which was available on record. There was no failure on the part of the assessee to disclose fully and truly all material facts relating to assessments. The reopening of the assessment on the same reasons and on same material amounts to change of opinion. Therefore, subsequent reassessment proceedings initiated by the A.O. u/s 148 were hel....