https://www.taxtmi.com/caselaws?id=70054 The Tribunal upheld the Assessing Officer's decision that the entire lease consideration from the sale of lease rights of films should be taxed in the year of receipt as the assessee lost control over the film rights upon signing the agreements. Additionally, the Tribunal confirmed that the sale of lease rights to a related concern at a significantly low price was a tax avoidance device, and the actual collections from the film were rightly included in the assessee's income. The assessee's appeals were dismissed for all assessment years, affirming the additions made by the AO and CIT(Appeals) on both issues. en-us Wed, 27 Aug 1997 00:00:00 +0530 Thu, 14 Apr 2011 10:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70054 The Tribunal upheld the Assessing Officer's decision that the entire lease consideration from the sale of lease rights of films should be taxed in the year of receipt as the assessee lost control over the film rights upon signing the agreements. Additionally, the Tribunal confirmed that the sale of lease rights to a related concern at a significantly low price was a tax avoidance device, and the actual collections from the film were rightly included in the assessee's income. The assessee's appeals were dismissed for all assessment years, affirming the additions made by the AO and CIT(Appeals) on both issues. Case-Laws Income Tax Wed, 27 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70054