Revisional order U/s 263 sustained in case of Anil Kapoor‘s Production Company

Ms Anil Kapoor Film Co. Pvt. Ltd. Vs Pr. CIT (ITAT Mumbai) Conclusion: Revisional order passed by the Principal Commissioner in case of Anil Kapoor Film Co. Pvt. Ltd was upheld as AO had not made enquiries/verification, to satisfy himself with respect to creditworthiness of the lender and genuineness of the transactions before framing the assessment. Held: Assessee was in the business of producing feature films/TV serials, declared nil income/loss from the business. AO completed assessment under section 143(3). Commissioner observed that assessee claimed to have obtained loan from one “M/s. ...