Belaed return and amortisation of cost of Picture /IT Rules
Nalam Ravindranath
Author
Court :
Supreme Court
Brief :
If picture is released for exhibition/distribution for less than 90 days in a financial year, the cost of the picture which is more than the realisations received from the picture can be carried forward for amortisation in subsequent years.
This benefit can not be denied even if the return of income is filed belatedly
Citation :
CIT v. Joseph Valakuzhy, (2008) 8 SCC 127 (Also Reported in I T R)
Supreme Court upheld the contention of the assessee and allowed benefit of amortisation of the picture cost to the extent not realsied during the year, even though the return is a belated one
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