TMI Blog2006 (4) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... ial 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 - 143 of 2003 - - - Dated:- 17-4-2006 - R. BALASUBRAMANIAN and P. P. S. JANARTHANA RAJA JJ. Ms. Pushya Sitaraman for the appellant. JUDGMENT The judgment of the court w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee had purchased the negative rights of two feature films, for a consideration of Rs. 5,76,000 and Rs. 12,01,000 on August 22, 1986, and October 7, 1986, respectively. The assessment year concerned in this case is 1987-88. Under sub-rule (4) of rule 9B of the Income-tax Rules, the coats of acquisition of a film by an assessee during the previous year can be allowed to be carried forward for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that exploitation and receipt. However, he had allowed the cost of acquisition of the film to be carried forward to the next accounting year. Exercising suo motu revisional power, the Commissioner of Income-tax found that the purchase itself is not genuine ; there was no delivery of films ; there is no exploitation whatsoever and, therefore, the carry forward allowed by the Assessing Officer is er ..... X X X X Extracts X X X X X X X X Extracts X X X X
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