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| The Tax Publishers2020 TaxPub(DT) 1334 (SC) : (2020) 270 TAXMAN 0180 INCOME TAX ACT, 1961
Section 261 Section 147
Where the department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Zee Media Corpn. Ltd. [ITA No. 854 of 2016, dt. 11-12-2018] : 2019 TaxPub(DT) 300 (Bom-HC), whereby the High Court held that in the reasons recorded, AO desired to disallow 1/4 of the assessee's expenditure in acquisition of film rights on the ground that the same were intangible assets. Whatever be the validity of AO's preposition, it could not be denied that he examined the entire issue during the original scrutiny assessment, therefore, in absence of any new tangible material, which was not on record during the original assessment proceedings, any attempt on the part of AO to reopen the assessment on that ground would be based on a mere change of opinion and such reassessment proceedings would not sustain being invalid, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Reassessment - Change of opinion--Absence of new tangible material
Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Zee Media Corpn. Ltd. [ITA No. 854 of 2016, dt. 11-12-2018] : 2019 TaxPub(DT) 300 (Bom-HC), whereby the High Court held that in the reasons recorded, AO desired to disallow 1/4 of the assessee's expenditure in acquisition of film rights on the ground that the same were intangible assets. Whatever be the validity of AO's preposition, it could not be denied that he examined the entire issue during the original scrutiny assessment, therefore, in absence of any new tangible material, which was not on record during the original assessment proceedings, any attempt on the part of AO to reopen the assessment on that ground would be based on a mere change of opinion and such reassessment proceedings would not sustain being invalid.Held: The Supreme Court dismissed the SLP.
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