9911796707
TMI Blog2012 (7) TMI 991X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 compact discs, video compact discs, digital downloads, ring tones, broadcasting and various other forms of exploitation. The company has its registered office located in Mumbai and regional sales offices located in Mumbai, Bangalore, Kolkatta and New Delhi. The return was filed showing a loss of Rs. 3,41,12,060/- inter alia claiming deduction of provision for stock obsolescence written back Rs. 1,13,91,166/-. However, the A.O. without considering the said claim completed the assessment at a loss at Rs. 2,23,72,681/- vide order dtd. 28-11-2007 passed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsolescence of Rs. 2,94,99,126/-. In the books of the assessee as at 31-3-2005, the provision for stock obsolescence required was determined at Rs. 1,80,98,960/-. Accordingly, the provision for stock obsolescence of Rs. 1,13,91,166/- (Rs. 2,94,90,126/- minus Rs. 1,80,98,960/-) was written back in the books of accounts as the provision was no longer required. He further submits that since the provision was already disallowed and added back by Sony Music Entertainment (India) Pvt. Ltd. in its return for the A.Y. 2005-06 amounting to Rs. 1,30,41,027/-, hence it cannot be chargeable to tax in the hands of the assessee again in the year under appeal. In support he refers to the relevant pages of the paper book filed before the ld. CIT(A) contain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the A.O. during the course of assessment proceeding or the ld. CIT(A) has called for the remand report from the A.O. on the impugned issue, we are of the view that in the interest of justice the matter should go back to the file of the A.O. and accordingly we set aside the orders passed by the Revenue Authorities on this account and send back the matter to the file of the A.O. to decide the same afresh and in accordance with law after providing a reasonable opportunity of being heard to the assessee. The ground taken by the assessee is, therefore, partly allowed for statistical purpose. 7. In the result ..... X X X X Extracts X X X X X X X X Extracts X X X X
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