Belaed return and amortisation of cost of Picture /IT Rules


Last updated: 05 January 2009

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)

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