[aaykarbhavan] No Sec. 68 additions as advance money is taxable in year of actual distribution of film and not in year of receipt

No Sec. 68 additions as advance money is taxable in year of actual distribution of film and not in year of receipt

April 11, 2014[2014] 43 taxmann.com 292 (Madras)

IT : Where assessee, engaged in business of production and distribution of films, received certain amount as advance for distribution of film which was shown as liability in balance sheet, in view of fact that said amount was offered as taxable income in subsequent year when film was actually distributed, Assessing Officer was not justified in bringing same to tax during relevant year by invoking provisions of section 68

 

Regards

Prarthana Jalan

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