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TMI Blog2021 (10) TMI 286X X X X Extracts X X X X X X X X Extracts X X X X ..... hts, the Revenue assessed the assessee on a sum of 12,00,000/- - whether Tribunal erred assessing the appellant based on the statement of accounts of the appellant s vendor Shri.Manickkam Narayanan alone, ignoring the books of accounts of the appellant? - HELD THAT:- Admittedly, the issue pertains to the transaction between the assessee and an individual in the matter of purchase and sale of Satel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel And Mr.S.Ramesh Kumar For Respondent : Ms.K.G.Usha Rani, Standing Counsel JUDGMENT T.S.Sivagnanam, J. This appeal by the appellant/assessee, filed under Section 260A of the Income Tax Act, 1961 (for brevity "the Act") is directed against the order dated 24.10.2008, made in I.T.A.No.727/Mds/2007 on the file of the Income Tax Appellate Tribunal Bench 'A', Chennai (for brevity "th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 147 of the Act. The assessee stated that she has purchased Satellites Rights for a film from a person in Chennai for a sum of ₹ 35,00,000/- under an agreement dated 04.01.2002 and sold the same on 18.01.2002 to a TV Channel for a sum of ₹ 38,00,000/-. Verification of the bank accounts of the vendor of the Satellite Rights was made and after referring to the various agreements, the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hallenging the order passed by the Tribunal and raising the above substantial question of law. 5.Admittedly, the issue pertains to the transaction between the assessee and an individual in the matter of purchase and sale of Satellite Rights for a movie. The factual position has been clearly brought out by the Assessing Officer, which was re-examined for its correctness by the CIT(A), who found th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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