2012 (9) TMI 1062

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed by the revenue. It is directed against the order dated 29/7/2011 of Ld. CIT(A)-3, Mumbai for the assessment year 2005- 06. The grounds of appeal read as under: 1) "On the facts and in the circumstances in the case and in law, the Li CIT(A)-3, Mumbai has erred in holding that the cost of abandoned film written off is revenue expenditure even though a film is a capital asset as held by t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Rajesh Khanna, but department has preferred a further appeal before Hon'ble High Court in the case of that assessee. Accordingly he has added a sum of Rs. 1,07,46,228/- to the income earlier assessed. Ld. CIT(A) has deleted the said addition following the various decisions of Tribunal on the issue in which it has been held that cost of abandoned films is allowable as a revenue expenditure. Ld. CI....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. Mr. Rajesh Khanna in IT Appeal No.3875 of 2010. A copy of that order has been placed on our record and was also given to the Ld. D.R. Ld. A.R has also referred to the second decision of Hon'ble Jurisidictional High Court in the case of Dream Merchant Enterprises, decision dated 20/9/2011 in ITA Nos. 4343 & 4252 of 2010, wherein similar proposition has been laid down. Therefore, he pleaded that ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessing officer by relying upon its decision in the assessee's own case for assessment year 1993-94. Counsel for the revenue states that he has been informed by the concerned officer that no appeal has been filed by the revenue against the decision of the ITAT in the assessee's own case for assessment year 1993-94. No fault in the decision of the ITAT relating to assessment year 1993-94 is p....