The income received by the assessee (Sachin Tendulkar) from modelling and appearing in T.V. commercials and similar activities can be termed as income derived from the profession of an artist. As admitted by the ld. D.R., the assessee can have more than one profession. Therefore, there is no bar on the part of the assessee to have its second profession as an artist apart from playing cricket. In this view of the matter, we are of the considered opinion that the amount of Rs. 5,92,31,211/- received by the assessee amounts to income derived by the assessee in the exercise of his profession as an artist and therefore entitled to deduction u/s 80RR of the Act.
—————————————————————————————————-
Full Text of the Judgement is as Follows:-
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI “I” BENCH MUMBAI BENCHES, MUMBAI
ITA Nos. 428 to 430/Mum/2008
(Asst Years- 2001- 02; 2003- 04 & 04- 05)
&
ITA No. 6862/Mum/2008
(Asst Year 2002- 03)
| Shri Sachin R Tendulkar La-Mer, 10th Floor Mistry Park Mt Marry Steps Bandra (W) Mumbai 50. PAN NO.AAAPT4135B |
Vs. |
The Asst Commissioner of Income Tax Range 193), Mumbai |
|---|---|---|
|
(Appellant) |
(Respondent) |
Date of Judgment: 20th day of May, 2011.
O R D E R
PER R K PANDA, AM
The above four appeals filed by the assessee are directed against the separate orders of the CIT(A)-XIX, Mumbai. Appeals in ITA No. 428 to 430/Mum/2008 relate to AYs 2001-02, 2003-04 and 2004-05 respectively. The appeal in ITA no.6862/Mum/2008 filed by the assessee is directed against the order dated 2.8.20008 of the CIT(A) XIX, Mumbai and relates to Assessment Year 2002-03. Since common grounds are involved in all these appeals; therefore, these were heard together and are being disposed of by this common order for the sake of convenience.
ITA No. 429/MUM/2008 (FOR AY 2003-04)
2 In grounds of appeal No.1, the assessee has challenged the order of the CIT(A) in confirming the action of the Assessing Officer in disallowing the deduction of Rs. 2,08,59,707/- u/s 80RR of the I T Act 1961.
2.1 Facts of the case, in brief, are that the assessee is a leading cricketer and filed his return of income on 31.10.2003 declaring total income of Rs. 18,51,06,510/-. In the computation statement filed along with the return, the assessee had shown salary income of Rs. 16,000/- from M/s IDL Ltd; Rs. 19,51,98,706/- shown as income from business/profession and Rs. 77,63,166/- as income from other sources. The Assessing Officer, noted from the tax audit report filed in Form No.3CD that the nature of business/profession has been mentioned as ‘sports sponsorship/modelling’. The income and expenditure account has shown Rs. 19,95,27,085/- as gross receipts from ‘sports sponsorship and advertisements’. As per Schedule-1, this consists of Rs. 5,92,31,211/- received in foreign exchange and Rs. 14,02,95,874/- received in Indian rupees. The amount of Rs. 5,92,31,211/- received in foreign exchange is from the following companies:
