Mere change of opinion not based for reopening of assessment

PCIT Vs Lanco Hills Technol park pvt. Ltd (Telangana High Court) Telangana High Court held that as all the material facts were fully and truly disclosed, reopening of assessment on mere change of opinion is unsustainable in law. Facts- This appeal has been preferred by the revenue u/s. 260A of the Income Tax Act, 1961 against the order passed by ITAT for A.Y. 2010-11. The issue is that case of the respondent was reopened u/s 147 by issuing notice u/s 148. AO completed the assessment by disallowing the claim towards debiting of Profit & Loss account due to reversal on account of cancellatio...