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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Film Ads Not Stock-in-Trade: Production Costs Deductible u/s 37, Subject to Rule 6B Limitations.</h1> The Central Board of Direct Taxes has clarified that films produced for advertisement purposes are not considered stock-in-trade for advertisers. These films are regarded as publicity material, and the expenses incurred for their production are treated as current business expenditures. Consequently, such expenses are deductible under Section 37 of the Income-tax Act, 1961, subject to the limitations of rule 6B of the Income-tax Rules, 1962. This instruction is to be communicated to all Income-tax Officers for implementation.
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