2014 (2) TMI 80

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (Judgment of the Court was delivered by T. S. Sivagnanam,J.) This Tax Case (Appeal), filed by the Revenue, is directed against the order of the Income Tax Appellate Tribunal dated 19.08.2013 in ITANo.941/Mds/2013 for the assessment year 2006-07. The Revenue seeks admission of this Tax Case (Appeal) raising the following substantial question of law: "Whether on the facts and in the circumsta....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t and completed the assessment raising a demand of Rs.29,72,765/-. Aggrieved by such order, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals), who, by order dated 08.12.2013, allowed the appeal. Challenging the same, the Revenue filed an appeal before the Income Tax Appellate Tribunal. The Tribunal, by the impugned order, rejected the appeal and as against which, the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....unted under the liability head in its balance sheet, as the distribution process of the film had not started during the year under consideration. Further, the assessee contended that the said receipt was offered as income in the subsequent year, when the distribution of film was executed. When the Assessing Officer directed the assessee to confirm the source of such receipt, the assessee produced ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....5. The Tribunal, while confirming the view of the first Appellate Authority, pointed out that the amount was kept as advance for the reason that the film was not released in the previous year, therefore, the assessee could not give rights to Shri.O.G.Krishnam Raju during the previous year and no income arose to the assessee during the previous year. This film was released in the succeeding previou....