2022 (2) TMI 706

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....d after the expiry of four years from the end of the assessment year 2012-2013 and the assessment under Section 143(3) of the said Act has been completed, proviso to Section 147 of the said Act shall apply in as much as respondents will have to show that there is failure to truly and fully disclose material facts by the assessee. 2 With the assistance of Mr. Mistri and Mr. Suresh Kumar we have considered the petition and the documents annexed thereto alongwith the reasons for reopening, copy whereof is at Exhibit "M" to the petition. The reasons only indicate the proposal to reopen is only because of change of opinion which is not permissible in law. The reasons do not indicate anywhere what was the material fact that petitioner had fail....

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....e as such. If we have to go on the basis of what the Assessing Officer thinks, the amount payable would be almost double, which is not the term which parties have agreed upon. Moreover, when the return of income for Assessment Year 2012-2013 was selected for scrutiny assessment under Section 143(2) of the said Act, respondent no.1 raised a query as to why the franchisee fee of Rs. 30,03,60,000/- should not be disallowed as it is capital in nature. Petitioner responded and explained why it should not be and why the franchisee fee payable to BCCI is revenue in nature and allowable as deduction under Section 37(1) of the said Act. 4 To a specific query raised by respondent no.1, petitioner by its said letter dated 17th November 2014 also su....