Re-assessment proceedings cannot, be initiated on the ground that the Assessing Officer was legally wrong and had misapplied and wrongly understood the law/legal position

BLB Limited Vs. ACIT  (Delhi HC) If in the course of original assessment proceedings, the Assessing Officer has considered and examined a particular aspect, the said aspect cannot be made a ground to reopen and initiate reassessment proceedings. The assessing authority cannot have a fresh look and reopen an assessment on the ground of change of opinion. The facts noticed above, clearly show that in the original assessment proceedings, the Assessing Officer had considered and examined whether or not the non-compete fee payment was of capital or revenue nature. The Assessing Officer accepted th...