Dismissing the appeal of the revenue the Court held that that issue was examined by Assessing Officer during original scrutiny assessment and there was no new material available with Assessing Officer. Reassessment proceedings on ground that same were based on mere change of opinion. Order of Tribunal is affirmed. Followed CIT v. Kelvinator of India Ltd (2010) 320 ITR 561 (SC). (AY. 2008-09)
PCIT v. Zee Media Corporation Ltd. (2020) 114 taxmann.com 192 (Bom.)(HC) Editorial: SLP of revenue is dismissed, PCIT v. Zee Media Corporation Ltd. (2020) 270 Taxman 180 (SC)
S. 147 : Reassessment-Change of opinion-Operational expenses-No new facts-Reassessment is held to be not valid. [S. 147]