Whether expenses on abandoned film are allowable as deduction or ...

Expenses from Abandoned Film Projects Deductible, Not Capital Assets, Says Regulation.

December 14, 2013

Case Laws Income Tax AT

Whether expenses on abandoned film are allowable as deduction or not - Held Yes - Where the film for some reason cannot be completed and the project is shelved it cannot be reharded as a capital asset - AT

View Source

← Previous Next →

Whether expenses on abandoned film are allowable as deduction or ...

Expenses from Abandoned Film Projects Deductible, Not Capital Assets, Says Regulation.

December 14, 2013

Case Laws Income Tax AT

You may also like:

Disallowance of interest expenses u/s.36(1)(iii) - Once project is abandoned, it seizes to become eligible asset to capitalize borrowing cost to the work in progress...

The ITAT ruled that expenses related to an aborted Initial Public Offering (IPO) are deductible under s.37 of the Income Tax Act, following the precedent set in Nimbus...

Rule 9A does not apply to abandoned feature films and that the expenditure incurred on such abandoned feature films is not to be treated as a capital expenditure. The...

Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

The case pertains to the disallowance of product development expenses written off due to technological obsolescence. The assessee had abandoned a software development...

Capital gain computation - expenses incurred towards fees paid to KPMG, Khaitan & Co. Bank Charges and other miscellaneous expenses in relation to the transfer of...

Capital gain - If the object of the legislature is to tax the gains arising on transfer of a capital acquired under a gift or will by including the period for which the...

Business expenditure u/s.37(1) - share issue expenses - assessee has abandoned the proposal to issue shares at later stage - when the nature of expenditure incurred by...

Deduction of Interest paid in respect of capital borrowed for the projects - no distinction can be made between the money borrowed for acquiring capital asset or revenue asset - HC

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Expenses written off - abandoned project - similar project was abandoned during the earlier year - those part of the expenditure incurred during the year which are...

If the object of the legislature is to tax the gains arising on transfer of a capital asset acquired under a gift or will or inheritance by including the period for...

Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

Deduction u/s 80IA(4) - Disallowance of project facility expenses - Revenue expenses or Capital expenditure - Appellant was engaged in infrastructure development and...

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

Quick Updates: