2021 (10) TMI 286

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....ant : Mr.A.Thiagarajan, Senior Counsel And Mr.S.Ramesh Kumar For Respondent : Ms.K.G.Usha Rani, Standing Counsel JUDGMENT T.S.Sivagnanam, J. This appeal by the appellant/assessee, filed under Section 260A of the Income Tax Act, 1961 (for brevity "the Act") is directed against the order dated 24.10.2008, made in I.T.A.No.727/Mds/2007 on the file of the Income Tax Appellate Tribunal Benc....

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.... filed belatedly, action was initiated under Section 147 of the Act. The assessee stated that she has purchased Satellites Rights for a film from a person in Chennai for a sum of Rs. 35,00,000/- under an agreement dated 04.01.2002 and sold the same on 18.01.2002 to a TV Channel for a sum of Rs. 38,00,000/-. Verification of the bank accounts of the vendor of the Satellite Rights was made and after ....

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....r. The assessee is on appeal before us challenging the order passed by the Tribunal and raising the above substantial question of law. 5.Admittedly, the issue pertains to the transaction between the assessee and an individual in the matter of purchase and sale of Satellite Rights for a movie. The factual position has been clearly brought out by the Assessing Officer, which was re-examined for i....