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TMI Blog2008 (11) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... issioner (Appeals) accepted the contention and allowed the deduction. The Tribunal, however, upheld the view of the Assessing officer. On appeal by the assessee, held that-dismissing the appeal, that the pass book was not books of account maintaining by the film producer and the number of credits made in the passbook would be of no consequences. To claim deduction under Rule 9A(5), the film producer had to maintain books of account. The pass book maintained by the bank could not be stated as the books of account maintained by the assessee. - 137 of 2002 - - - Dated:- 7-11-2008 - CHANDRAMAULI KR. PRASAD and DR. RAVI RANJAN JJ. D. V. Pathy for the appellant Harshwardhan Prasad with Rishi Raj Sinha for the respondents. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter referred to as "the Tribunal"), which held that the bank account cannot be equated with the books of account and, accordingly, held that the assessee is not entitled to claim deduction in respect of expenditure on production of the film. 3. Aggrieved by the same, the assessee has preferred this appeal under section 260A of the Income-tax Act, 1961. 4. By order dated September 15, 2006, the appeal has been admitted on the following substantial question of law: "1. Whether the Tribunal is correct in law in holding that a bank account is not a books of account in the context of the single entry of receipt of film business in the bank account? 2. Whether the Tribunal is correct in law in holding that the use of non obstant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of exhibition of the feature film; or (iii) has himself exhibited the feature film on a commercial basis in some areas and has sold the rights of exhibition of the feature film in respect of all or some of the remaining areas, the amount realised by exhibiting the film, or the amount for which the rights of exhibition have been sold or, as the case may be, the aggregate of such amounts, is credited in the books of account maintained by him in respect of the year in which the deduction is admissible; (b) in a case where the film producer has transferred the rights of exhibition of the feature film on a minimum guarantee basis, the minimum amount guaranteed and the amount, if any, received or due in excess of the guaranteed amount or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... book maintained by the bank is not a books of account. 10. In fairness to Mr. Pathy, he concedes that maintenance of books of account is mandatory for claiming deduction under rule 9A(5) of the Rules, but his contention is that the pass book maintained by the bank be treated as a books of account. We have already negatived this contention. 11. Accordingly, we are of the opinion that the maintenance of books of account under rule 9A(5) of the Rules is mandatory for seeking deduction. Resultantly, answer to the second question is also in the affirmative, against the assessee and in favour of the Revenue and it is held that the Tribunal was right in law in holding that maintenance of books of account is mandatory. 12. In the resul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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