TaxTMI 
TaxTMI 
2013 (8) TMI 978
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.... ORDER PER Dr.O.K.NARAYANAN, VICE PRESIDENT The appeal is filed by the Revenue and the cross-objection is filed by the assessee. The relevant assessment year is 2006-07. The appeal and the cross-objection are directed against the order of the Commissioner of Income-tax(Appeals)-I at Chennai dated 8.2.2013 and arise out of the assessment completed under sec.143(3), read with sec.153A of ....
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....ollows mercantile system of accounting. According to the assessee, the release of the picture was not made during the relevant previous year but the release was made in the subsequent previous year and therefore, the advance attained the character of income only in the next previous year and as such, the assessee has offered this advance as income for the subsequent assessment year 2007-08. The as....
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....he year of distribution of film rights. The Commissioner of Income-tax(Appeals) found that the explanations offered by the assessee are in accordance with the facts of the case and therefore, there is no reason to make an addition of ` 50 lakhs as unexplained cash credit. The addition was accordingly deleted. 4. The Revenue is aggrieved by the order of the Commissioner of Income-tax(Appeals) and ....
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....ights were given in favour of Shri O.G.Krishnam Raju. At that point of time, the assessee transferred this advance to income account and finally offered the same for taxation as part of his income for the subsequent assessment year 2007-08. The Commissioner of Incometax( Appeals) has clearly stated that the assessee has included this income in the computation of taxable income of the assessee for ....