2017 (10) TMI 1273

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....e Revenue is with respect to the ITAT‟s cancellation of the reassessment made - for AY 2004-05. The regular assessment was completed under Section 143 (3) on 26.12.2006. It was reopened and notice under Section 147/148 was issued. The assessee objected to the reopening but was unsuccessful in persuading the lower authorities. The ITAT, however, was of the opinion that the reasons recorded in....

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.... in respect of expenses on films/tapes of TV serials has been allowed to the assessee. In view of the above, I have reason to believe that "ILLEGIBLE" the extent of at least Rs. 2,20,05,000/- chargeable to tax has escaped assessment due to failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for the A.Y.2004-05. Therefore, it is a fit case for....

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....ry facts necessary for the assessee were fully and truly disclosed by the assessee so the A.O. is not entitled to change opinion to commence proceedings for reassessment. Both the grounds taken as reasons for reopening amount to sheer and mere change of opinion and nothing more. In this regard, the ratio decidendi of the case of the Hon'ble Apex Court rendered in the case of CIT Vs. Kelvinator of ....