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2006 (4) TMI 73 - MADRAS HIGH COURTFilm business - Exercising suo motu revisional power, CIT found that the purchase itself is not genuine; there was no delivery of films; there is no exploitation whatsoever & therefore, the carry forward of “cost of acquisition of film” allowed by AO is erroneous in law & prejudicial to the Revenue – impugned order is not justified because CIT has no finding that in account books, sale was not reflected or payment was not recorded – tribunal was justified in setting aside impugned order of CIT
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