2012 (8) TMI 763

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....ion pictures filed its return of AY 2006- 07. In the said assessment year it had received an amount of Rs. 37,50,000/- regarding transfer of ownership rights of the movie "Amar Akbar Anthony" to M/s. Tips Industries Ltd. The said consideration was not admitted as sales in Profit & Loss A/c. Therefore, the AO added the amount in assessment of AY 2006-07.   3. The assessee preferred appeal before Ld. CIT (A). In the said appeal, the Ld. CIT (A) held by order dated 13.11.2009 that the consideration had to be taxed in Assessment Year 2007-08 i.e. Assessment Year in hand in present appeal before us instead of Assessment Year 2006-07. 4. In the meantime, regarding Assessment Year 2007-08 i.e. AY in hand, the assessee had already filed ....

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..... Hence, the Revenue is aggrieved. 8. Ld DR appearing for Revenue has vehemently contended that the assessee's conduct in not disclosing the consideration amount in pursuance to the sale of rights in hand is a case of concealment. In this regard, he has placed reliance on the penalty order as well as judgment of Hon'ble Supreme Court in the case of Dharmedra Textile Processors 306 ITR 277 (SC) and prayed for upholding the penalty order. 9. Ld AR opposing the Revenue's arguments has submitted that the assessee is not at all guilty of either furnishing inaccurate particulars or concealment of income. By reiterating the above factual position, he has submitted that in the earlier assessment year i.e. Assessment Year 2006-07, the as....