https://www.taxtmi.com/caselaws?id=243478 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, ruling in favor of the assessee. The Tribunal accepted the assessee's adherence to the mercantile system of accounting, where advances for distribution are treated as liabilities in the year of receipt and income in the year of distribution. As the film was not released in the relevant year, the advance from M/s. Venkateswara Pictures was correctly treated as such. The confirmation letter provided by the creditor was deemed credible, leading to the dismissal of the Revenue's appeal. en-us Mon, 27 Jan 2014 00:00:00 +0530 Sat, 05 Apr 2014 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243478 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, ruling in favor of the assessee. The Tribunal accepted the assessee's adherence to the mercantile system of accounting, where advances for distribution are treated as liabilities in the year of receipt and income in the year of distribution. As the film was not released in the relevant year, the advance from M/s. Venkateswara Pictures was correctly treated as such. The confirmation letter provided by the creditor was deemed credible, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 27 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243478