TaxTMI 
TaxTMI 
2012 (11) TMI 1116
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.... case for A.Y. 2005-06 in ITA No. 6457/Mum/2008. 3. The issue involved in this ground relates to the taxability of advances received during the year by the assessee. This issue was decided by the Tribunal in ITA No. 6457/Mum/2008 at para-8 page-3 which is as under: "We have considered the arguments of both the counsels and also perused the orders of lower authorities and the Paper Book submitted by the assessee. We find that for the year under consideration, the assessee has offered income for the year which includes an amount of Rs. 28,48,000/- out of opening advances to which an amount of Rs. 53,52,000/- has been added out of current year's advance totaling to Rs. 82,00,000/-. The total advances received during the year under ....
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....t the time of the signing of the agreements. We find that during the year under consideration the assessee has received Rs. 1,10,10,062.00 out of which he has already offered Rs. 53,52,000.00 in the computation of income . The counsel pointed out that the assessee has also offered Rs. 27,58,062.00 in A.Y 2006-07 and Rs. 2,50,000.00 in A.Y 2007-08 out of the advance of Rs. 1,10,10,062.00 . In our humble opinion this issue needs further verification at the assessment stage, we therefore restore this issue back to the files of the AO. The AO is directed to verify the claim of the assessee that he has offered out of the total advance of Rs. 1,10,10,062.00, Rs. 27,58,062.00 in A.Y 2006 -07 and Rs. 2,50,000.00 in A.Y 2007-08 and if found correct ....
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....find that the money has been borrowed in earlier years. Although the AO has mentioned that the amount has been borrowed for personal usage but has not brought any material on record to substantiate his claim. Further, the assessee being a film star has to maintain a certain set of standard of living for which he may require money from time to time. Even if assuming that the assessee has borrowed money to purchase luxurious car, that would justify looking to the nature of profession of assessee. Considering all these facts into totality, we do not find any merit in the submissions of the DR, findings of the Ld. CIT(A) are accordingly confirmed. Ground No. 2 of Revenue's appeal is dismissed." Following our own finding in ITA No. 6457/M/08,....
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....wed. 12. Ground No. 8 relate to the addition of Rs. 16,44,426/- as unexplained cash credit u/s. 68 of the Act. 13. A perusal of the assessment order shows that the assessee has claimed that the school fees of his children amounting to Rs. 16,44,426/- was paid by his mother-in-law. We find that similar issue had come up for hearing before us in ITA No. 6457/M/08 pertaining to A.Y. 2005-06 wherein we have held at paras 15 & 16 in pages 5,6&7 as under: "We have considered the submissions. We find that on the basis of the information received from the office of the Addl. Commissioner of Income Tax (CIB)-II, the notices are exhibited at Pages 39 & 40 of the Paper Book, the AO confronted the information received from the CIB to the....