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2020 (12) TMI 975 - AT - Income TaxReopening of assessment u/s 147 - assessee did not produce any evidence to claimed expenses towards the production cost incurred during the years under consideration and failed to substantiate the difference in the production cost adopted in the return of income filed and Form 52A filed in spite of opportunity of being heard granted to assessee - HELD THAT:- We note that section 285B requires any person carrying on production of cinematographic film during the whole or any part of the financial year to file the statement before Ld. AO within 30 days from the end of such financial year or within 30 days from the date of completion of the production of the film whichever is earlier. The statement is necessarily to contain the payments that exceeds ₹ 50,000/- in the aggregate made by such person to eat such person engaged by him in such production. Form 52 relevant for financial year 2005-06 and 2006-07 relevant to assessment year under consideration was filed by assessee before Ld. AO on 09/01/2008 being the year in which the production of the film was completed. We therefore, do not find any infirmity in the observations of Ld. CIT(A), as the reassessment was initiated based on change of opinion. On merits we note that, there is no dispute regarding compliance under section 285B, within the relevant period. It is an admitted position that, production cost claimed by assessee for assessment year 2006-07 is remanded by this Tribunal to Ld. AO for fresh consideration. Assessee placed the copy of the order passed by this Tribunal for assessment year 2006-07 - For assessment year 2007-08, we note that, assessee has not claimed production cost as expenditure which is clear from page 82 of paper book. We note that production cost has been considered as work in progress. - Decided against revenue.
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