Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (1) TMI 64 - BOMBAY HIGH COURT"(i) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the Income-tax Officer was wrong in valuing closing stock in respect of the film 'Anpadh' applying the provisions of sub-rules (3) and (11) of rule 9A of the Income-tax rules, rejecting the assessee's valuation based upon realisation in the market ? - (ii) Whether, on the facts and circumstances of the case, the Tribunal was right in deleting the disallowance of Rs. 57,587, the amount spent for publicity expenses, holding that the business of film production is and industrial undertaking falling under section 37(3D) ?" - we answer question No. 1 in the negative, i.e., in favour of the Department and against the assessee. Question No. 2 is answered in the affirmative, i.e., in favour of the assessee and against the Department.
|