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2014 (9) TMI 932 - ITAT MUMBAIDisallowance of write off of cost of production of television serial as abandoned stock in trade - Held that:- in case of film/television serial, the cost of production is to be treated as stock in trade and further that in case of abandoned film or teleserial the expenditure is to be allowed as business expenditure. The learned Commissioner of Income-tax (Appeals) has further rightly observed that the cost of production was written off by the assessee as per the market value of the serial as on the said date which was calculated at ₹ 39,52,000. The said calculated/ assessed market value of ₹ 39,52,000 had nothing to do with the further rejection of the proposal of the assessee by the Doordarshan vide letter dated January 22, 2010 which ultimately resulted in treating the cost at nil. We do not find any infirmity in the order of the learned Commissioner of Income-tax (Appeals) - Decided against Revenue.
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