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2014 (2) TMI 80 - MADRAS HIGH COURTUnexplained credit - Held that:- The assessee received advance money for distribution of rights - The assessee was consistently following mercantile system of accounting, wherein advances received for distribution are treated as liabilities in the balance sheet in the year of receipt and those advances are offered as income in the year of distribution of film rights - The film was not released in the previous year, therefore, the assessee could not give rights to Shri.O.G. Krishnam Raju during the previous year and no income arose to the assessee during the previous year - This film was released in the succeeding previous year and the exhibition rights were given in favour of Shri. O.G. Krishnam Raju - Decided against Revenue.
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