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2018 (4) TMI 932 - AT - Income TaxAddition being the difference in receipts as per the Profit and Loss Account and as per AS-26 - Held that:- As seen from the case of M/s. A.F. Ferguson & Co. v. JCIT [2015 (1) TMI 306 - ITAT MUMBAI] as held that in the absence of any material brought by the Revenue that the assessee has received amount more than the professional fee which has been declared by him in the Profit and Loss Account additions solely based on AIR information are not sustainable. In the case on hand also addition was made solely based on the AIR information without bringing any cogent evidence on record to suggest that the assessee received income from the said parties especially when the assessee is denying any transactions with those parties. In the circumstances, we reverse the order of the Ld.CIT(A) and direct the Assessing Officer to delete the addition made on account of alleged difference in income. Addition u/s 14A - Held that:- Proposition that there should not be any disallowance u/s. 14A when the investment was made in subsidiaries as a strategic investment is no more good law in view of the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT [2018 (3) TMI 805 - SUPREME COURT OF INDIA]. Thus, this argument does not hold and liable to be rejected - this matter has to go back to the Assessing Officer for verification of accounts and for decision, keeping in view the Hon'ble Jurisdictional High Court in the case of CIT v. Reliance Utilities and Power Ltd. (2009 (1) TMI 4 - BOMBAY HIGH COURT), HDFC Bank [2014 (8) TMI 119 - BOMBAY HIGH COURT] and ACIT v. Vireet Investments Private Limited [2017 (6) TMI 1124 - ITAT DELHI] thus, we restore this matter to the file of the Assessing Officer and to decide the issue keeping in view the decisions and after verification of the accounts of the assessee. Addition on account of expenditure in respect of programs and film rights by treating the purchase cost of programs and film rights as intangible assets and allowing deprecation @25% on the same - Held that:- This issue has been decided in favour of the assessee by the Coordinate Bench in the assessee’s own case for the Assessment Year 2008-09 [2015 (8) TMI 612 - ITAT MUMBAI] wherein addition/disallowance was deleted by the Tribunal.
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