9911796707
TMI Blog2012 (7) TMI 991X X X X Extracts X X X X X X X X Extracts X X X X ..... 569/Mum/2010 - - - Dated:- 18-7-2012 - SHRI DINESH KUMAR AGARWAL, JM AND SHRI B. RAMAKOTAIAH, AM Appellant by : Shri Sunil M. Lala Shri Varun Sankhesara Respondent by : Shri Baban D. Patil O R D E R PER DINESH KUMAR AGARWAL, J.M. This appeal preferred by the assessee is directed against the order dated 16-6-2010 passed by the ld. CIT(A)- 20, Mumbai for the assessment year 2005- 06. 2. Briefly stated facts of the case are that Sony BMG Music Entertainment Pvt. Ltd. was incorporated on 2-6-2004. It is a private limited company and commenced business w.e.f. 1-12-2004, The company carried recorded music business by exploiting the music and video rights in audio and video softwares viz. Audio Cassets, Audio com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax in hands of the appellant again in the year under the appeal. 4. At the time of hearing the ld. counsel for the assessee while reiterating the same submissions as submitted before the ld. CIT(A) further submits that the assessee acquired the recorded music business from Sony Music Entertainment (India) Private Limited. Pursuant to the said acquisition, the Company acquired the assets and liabilities of the business for a total consideration of ₹ 9,45,00,000/-. As a part of the assets taken over, the Company took over stock of music records including the stock obsolescence of ₹ 2,94,99,126/-. In the books of the assessee as at 31-3-2005, the provision for stock obsolescence required was determined at ₹ 1,80,98,960/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e rival parties and perused the material available on record. We find that the facts are not in dispute inasmuch as it is also not in dispute that the claim of the assessee was denied by the A.O. without considering the same and without passing any speaking order on the issue. We further find that before the ld. CIT(A) the assessee has filed detail submission along with supporting statements appearing at page 1 to 14 of the assessee s paper book, however, the ld. CIT(A) while observing that no relevant information is available on record in support of the claim, rejected the claim of the assessee. In the absence of any material to show that the assessee has filed any such supporting material before the A.O. or such material was examined by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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