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2015 (10) TMI 1397 - ITAT MUMBAICost towards abandoned film - CIT(A) allowed the claim - Held that:- Assessee is in the business of film production, claimed ₹ 3,38,58,888/- as allowable deduction on the project "fauz mein mauz" as there was no taker of the film, consequently, the assessee abandoned the same and debited the expenditure so incurred on the production of the same as work in progress and routed the same in its profit & loss account. The disallowance cannot be made on account of cost of abandoned film; hence no addition is being made on this account. See CIT vs Rajesh Khanna [2011 (9) TMI 979 - BOMBAY HIGH COURT] - Decided in favour of assessee.
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