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TMI Blog2018 (9) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... in return filed - contention that Assessee has received an amount towards advertisement and has paid the same to Zee News Ltd. - Held that:- As in support, Assessee has filed the Profit and Loss account in the name of the M/s G.P Infotainment supported by various ledger copies, bank statements and invoices from Zee News Ltd., This information even though has been furnished before the CIT(A), the same were not subjected to verification by the A.O - entire receipt and expenditure as claimed by Assessee require proper verification by A.O. A.O is directed to examine the receipts and payments to Zee News and correlate the payments with the business activity and, if so found correct, allow the expenditure to the extent of the receipt, as the loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertisement. It was submitted that the total expenditure on advertisement was of ₹ 10,02,455/-, which resulted in a loss of ₹ 57,477/-. As the activity resulted in loss, the Assessee did not offer the same in the return. It was claimed that corresponding expenditure should be allowed. Ld. CIT(A) however, dismissed the contentions by stating as under: 6.3 I have carefully considered the assessment order, f acts of the case and submissions of the appellant. The submissions of the appellant are not accepted since the amount was received and not shown in the accounts. Therefore, the expenditure also not offered and hence, I am in agreement with the Assessing Officer and the addition made by the Assessing Officer is hereby confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e M/s G.P Infotainment supported by various ledger copies, bank statements and invoices from Zee News Ltd., This information even though has been furnished before the CIT(A), the same were not subjected to verification by the A.O. In the interest of justice I am of the view that this entire receipt and expenditure as claimed by Assessee require proper verification by A.O. Therefore, A.O is directed to examine the receipts and payments to Zee News and correlate the payments with the business activity and, if so found correct, allow the expenditure to the extent of the receipt, as the loss if any cannot be allowed in reopened assessment as the same was not claimed. Subject to the above observation, A.O is directed to examine the issue afre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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