9911796707
TMI Blog2011 (10) TMI 634X X X X Extracts X X X X X X X X Extracts X X X X ..... at some of Rs. 50,86,707/- should be brought to tax for the assessment year 2003-04 and not in the assessment year 2004-05 since it is for the assessee to prove that it has been admitted in the assessment year 2004-05. The learned counsel for the assessee further submitted that the CIT(A) is not correct in holding that credit for TDS for Rs. 1,10,760/- is to be allowed to the assessee. 3. The counsel for the assessee Shri C.N. Prasad submitted a copy of the order u/s 143(3) r.w.s. 147 of the Act for the assessment year 2004-05 and contended that a sum of Rs. 49,79,886/- has been admitted as income leaving out a balance of Rs. 1,06,821/-. 4. We have perused the order submitted by the learned counsel for the assessee for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Admitted in P&l account 26,30,00,000 Difference 1,03,61,000 6. The question is why the sum of Rs. 1,03,61,000/- should not be brought to tax. It has been explained by the assessee that a sum of Rs. 26,30,000/- has been admitted. The balance of Rs. 1,03,61,000/- consists of two items as follows: i) Reimbursement of expenses by Ushodaya Rs. 52,74,293/- Enterprises limited ii) Amount received in advance Rs. 50,86,707/- 6.1. It is stated that M/s Ushodaya Enterprises Ltd. has to pay additional charges to M/s News Today (P) Ltd. in case of any special assignments or intensive coverage of events like electronics etc. It is also stated that the assessee also has an account for additional subscription ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gramme Rs.1,26,12,435 4. Other expenses net off Rs. 3,16,825 Total Rs. 29,64,19,913 6.4. The income relating to the advance of Rs. 50,86,707/- has not been admitted as income in the assessment year 2004-05. Therefore, the assessee's contention that the sum of Rs. 50,86,707/- represents advance subscription charges is not tenable. It is for the assessee to conclusively prove that they do not form part of income. In the absence of any other material furnished by the assessee, there is no option but to treat the sum of Rs. 50,86,707/- as income which is not disclosed. Hence the same is brought to tax". 6.5. Before the CIT(A) the assessee contended that it had an agreement with M/s Ushodaya Enterprises Limited on the issue and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,10,760/- on reimbursement of expenses of Rs. 52,74,293/- though the same was accepted as reimbursement of expenses. A copy of the letter dated July 10, 2007 filed before the Assessing Officer on the issues was submitted by the assessee for reference. 8. We heard both the parties. We have considered carefully the facts and evidence and we find that both the assessee and M/s Ushodaya Enterprises Limited have agreed to the fact that the advance was paid. They have duly accounted for the same in their books. Further, advances have been received during the year also and have been adjusted accordingly. Moreover, there is no evidence with the Assessing Officer to show that the amount was definitely in the character of income against cer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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