It's been forty years and my mother has never gotten over Gandhi winning over ET. She's actually angrier that Ben Kingsley beat Paul Newman for The Verdict that year. (iT'S a running joke between my parents; my dad for some reason loves Gandhi.)
For the record of the five films nominated for Best Picture that year, I would rank Gandhi seventh, not just behind E.T. The Verdict and Tootsie (yes they ignored that too) but Missing, Sophie's Choice and even the first version of Blade Runner. 1982 was a very good year for movies and they picked the worse run.
Also Forest Gump, 1994. Whatever you think of the film personally, the other four nominees were:
Pulp Fiction
Shawshank Redemption
Quiz Show
Four Weddings and a Funeral.
Other films ignored for Best Picture
Ed Wood
Bullets Over Broadway
Hoop Dreams
Nobody's Fool
The Lion King
I love Tom Hanks I really do but he was also the sixth choice for Best Actor. I would have ranked Paul newman, Morgan Freeman, John Travolta, Nigel Hawthorne (his work in Madness of King George was a masterpiece) Tim Robbins (why wasn't he nominated) Hugh Grant (ditto) hell Samuel L. Jackson was considered by some for Best Actor for Pulp Fiction and I would have picked him over Hanks.
Personal grudges:
Fargo losing to The English Patient (1996)
Juno losing to No Country For Old Men (I just can't get into it)
Titanic beating L.A. Confidential. i know its a masterpiece but I just love the latter much more.