TMI Blog2011 (2) TMI 1388X X X X Extracts X X X X X X X X Extracts X X X X ..... capement 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 by the I. T. Act. 3. The firs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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 the same, the assessee had fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 held to be barred by li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned under the proviso to Section 147 beyond the period of 4 years if there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. In the case before us, all the facts and the MLA which has been relied upon by the A.O. for reopening of assessments 2nd time was available at the time when original reassessment was made. Therefore, in the absence of any specific recording that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment, the assessments made on 26.12.2007 are bad in law. The assessment made cannot be upheld as there is a change of opinion in 2nd assessment proceedings when material, which formed the basis f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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