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TMI Blog2011 (4) TMI 1334X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner of Income-tax(Appeals)-3, Mumbai, dated 02.02.2010 for the assessment year 2007-08, and the solitary issue arising out of the same is whether the Leaned CIT(A) was justified in directing the Assessing Officer to allow the claim of the assessee for deduction on account of write off expenditure incurred on the abandoned film. 2. We have heard the arguments of both the sides and also peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f abandoned film Production No. 3 and film production Nos. 5 6 respectively. Before the AO the assessee relied upon the decision os of I.T.A.T in the case of Rajesh Khanna in ITA No. 4804/Bom/2000 for AY 1992-93 order dated 17th Januar4y, 2003 and in the case of M/s. J. Radical Entertainment (I) Pvt. Ltd. for AY 1998-99 in ITA No. 45550/M2004 order dated 31st January, 2007. The AO made the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , being ITA No.1463/Bom/90, dated 30.10.1995, in which, following Board s Circular No. 178/IT/37, dated 13/5/1937 it was stated that the film in the hands of a film producer be treated as stock in trade. The appellant through the learned AR argued that the only contention of the AO for making the disallowance was that the department has not accepted the decision of the Tribunal in the case of Raje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne case, cannot be a ground for disallowance sustainable in appeal. The disallowance deserves to be deleted. 4. The learned DR has relied upon the orders of the AO whereas the learned AR has relied upon the orders of the CIT(A). 5. We have heard the learned representative of the parties and perused the record. We find that the CIT(A) deleted the disallowance made by the AO following th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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