1996 (7) TMI 54

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....t in the judgment dated July 11, 1991, in O. P. No. 4924 of 1987, on a reference by the Income-tax Appellate Tribunal, Cochin Bench, the answer to the following question which involves three independent aspects is expected from us : "Whether, on the facts and in the circumstances of the case, and also on a consideration and interpretation of the agreements entered into between parties, the Trib....

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....e in the State of Kerala. This was on August 23, 1980. A little over a year thereafter, the present assessee Krishna Talkies, Quilon, entered into another agreement, to be precise on December 1, 1981, with the producer R. C. Combines. Both the documents are annexures D and E to the paper book respectively. Shri Maheswari Films purchased distribution, exhibition and exploitation rights for a period....

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....Ummer, Vincent and Sankaradi, music by M. S. Viswanathan and directed by Sri Charles Ayyampilly hereinafter called as the said picture or picture which was released in Kerala on August 23, 1980, by the lessors' distributors Sree Maheswari Films Main Road, Quilon, as per an agreement dated August 4, 1980. And whereas the lessees have approached the lessors to acquire the distribution, exhibition....

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....regard to the consideration amount of Rs. 2,26,829.17 paid to the producers, R. C. Combines, claiming credit in regard thereto is obviously staring in the face of the record. It appears that the claim was disallowed by the Income-tax Officer whose decision was confirmed by the first appellate authority, Commissioner of Income-tax (Appeals). It is the Tribunal that took the view that the assesse....